Towards the end of this week, Bitcoin's prices are not yet looking good as it took a dip this Thursday back to the sub $58,000 price range, and is playing around $57,000. This followed the massive rally by the crypto industry over the past weeks after facing one of the worst crashes in its history, at a time when it was perceived that BTC was yet again heading towards an all-time high.
Despite this dip, there are no alarms or red flags raised, as the crypto market resumes its recovery alongside the stock market which gravely affected it in August's first week.
Bitcoin Dips to $58,000 Toward This Week's End
André François McKenzie on Unsplash
According to a new report by CoinDesk, Bitcoin has taken a slight deep in its performance in the market and is now sitting at around $58,000 after a previous campaign to raise the top crypto's valuation. As of this writing, Bitcoin lost around three percent of its market price (for its 24-hour performance), give or take, doing so as the week is inching to an end this Thursday.
Its largest dip was to $57,000, but earlier today, CoinMarketCap's charts show that it went further to $56,000.
However, Bitcoin is more fortunate compared to other top ten cryptos in the market, as Solana, XRP Dogecoin, and Cardano are facing a worse fate than BTC.
Despite starting off to a bad August because of the stock market crash, crypto has recently bounced back and regained its footing in the market, with Bitcoin alone climbing back to as much as $61,000.
Both the Nasdaq and S&P 500 have also turned their losses upside down.
For now, the challenge remains on Bitcoin's doorstep if it would be able to maintain its slow climb, bringing it back to the $60,000 valuation and rallying to the top.
Crypto Industry and Bitcoin's August Crash
Many thought that August would be a good month for the crypto industry following a rally by investors and fans towards raising its valuation, following the significant early July plummet. This was because the top cryptocurrency, Bitcoin, saw Mt. Gox repaying its affected customers from its previous bankruptcy fiasco, leading to BTC crashing to $53,000 from its $62,000 value.
Later on in July, BTC and the cryptocurrency top players made progress in gaining back what it lost, and it also followed the significant declaration by Presidential hopeful, Donald J. Trump. Before August came, Trump revealed what he had in store in the future should be elected as POTUS, making the U.S. the "crypto capital of the world" and putting in massive focus on Bitcoin.
Many believed that this was the start of crypto's dominance, as well as Trump's, but both saw a decline towards early August, with the blockchain suffering another unprecedented crash, but this time because of stocks. As Wall Street is now bouncing back alongside crypto, things are not yet stable and pointing towards growth, with another setback faced by cryptocurrency as the week draws close to an end.
