Bitcoin Stays Tough Despite A Recent (Heavy) Drop
Bitcoin is a cryptocurrency that has proven very tough over the past two months, and while there have been a few small blunders along the way, the currency has shown an ability to withstand virtually anything that the bears throw at it.
Bitcoin – the “Tough Guy’s Crypto”
For one thing, $14 billion was recently removed from the cryptocurrency market. There have been some recurring drops among smaller cryptocurrencies and altcoins, and to be fair, bitcoin has succumbed to a few of these drops as well. However, the granddaddy appears to be making a statement: that for the time being anyway, it’s refusing to fall below the $8,000 mark that it’s worked so hard to get to, and so far, it’s accomplishing that goal.
Recently, bitcoin rose above $8,000 when people least expected it to. The rise occurred during a hacking scandal that involved popular cryptocurrency exchange service Binance, which was the victim of a malicious attack that saw more than $40 million in bitcoin funds disappear overnight.
The news was hard to deal with, for both crypto enthusiasts and Binance. Many wondered if this would mark a time of bearish activity for the currency, but ultimately things turned around quickly. Bitcoin did experience a solid price change, but this time, the change was positive. Three or even two years ago, bitcoin would more than likely have dropped from the news of the hacking. This time, it rose beyond the $6,000 mark. Then came $7,000. Finally, $8,000 came along.
It seems that bitcoin has garnered more maturity as of late, and it’s eager to prove itself once and for all to its still many prominent doubters. That’s why it’s so bent on remaining above $8,000. Several altcoins and major competitors have experienced solid drops in the past few days, such as Ethereum and Ripple, the second and third-largest cryptocurrencies by market cap respectively.
Ethereum was trading for about $290 at one point, but ultimately fell to around $240 during the late Friday hours. At press time, it has managed to recover somewhat and is now trading for around $255 per unit, but there’s still room for improvement.
How One Currency Remains Stronger Than the Others
Ripple’s XRP has fallen to about 40 cents, though the bulls are now focusing on 50 cents per unit, where the coin appears to be experiencing the most resistance as of late.
Bitcoin fell hard from around $8,900 to $8,300 over the past 24 hours but has since recovered somewhat and is trading at just over $8,500. The currency has stayed strong and will likely remain so in the coming weeks. Either way, the original projected goal of reaching $9,000 by the end of the week doesn’t appear likely at press time, which means bitcoin has a new goal set for next week.
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