While many market experts and analysts expected the price of bitcoin to rise sharply as El Salvador officially began accepting bitcoin as legal tender, the digital currency plummeted below $ 50,500.
According to Currency Digital, the price of Bitcoin, which was trading at $ 52,500 this morning, lost about $ 2,000 in two hours and fell below $ 50,500.
We are currently witnessing a relative price recovery and reaching the $ 51,000 mark. This was while many experts expected a further price increase.
According to analysts and experts, the beginning of the acceptance of Bitcoin as a legal tender in El Salvador was a rising factor that could accelerate the rise of this digital currency.
The Bitcoin Fear and Greed Index is also in the range of 79, which indicates the intense greed in the market. Based on this indicator, it can be said that the upward power of the market is declining.
The bitcoin boom in recent days has boosted the market value of the digital currency to $ 1 trillion, and many traders have been waiting to cross it. The current market value of Bitcoin is $ 959 billion.
Over the past two weeks, the price of Bitcoin has risen significantly, however, the dominance of this digital currency in the market has decreased and according to the data, it fell to 39.9. This decrease in dominance was accompanied by an increase in Ethereum’s dominance of the market.
Bitcoin prices had risen 12 percent since last week before the recent crash; Price correction is not surprising in the short term given this sharp growth.