- Bitcoin price drops by 13%
- Altcoin price, however, remains unaffected
After its impressive start to the year, Bitcoin has witnessed its first dip of the year as the price of the crypto asset has dropped by 13%.
Before the drop in price, the coin had sold for a high of $34,347. Currently, the price of the asset is around $29,000.
Stack Funds Co-founder, Mathew Dibb, was quoted to have said that the decline in Bitcoin price is the digital asset way of taking a much-needed breather. According to him, a consolidation is needed around the current price when one considers the bull run the coin has been on since the tail end of last year.
Popular Crypto analyst, Michaël van de Poppe was of the opinion that a correction of the asset value had long been overdue. He noted that the coin had been on an overextended vertical move. He went on to add that investment could be moving from Bitcoin to other altcoins or there could be a situation where investors were taking the gains on their investments. All of this could have played a role in the drop of the price of the asset.
Despite Bitcoin price dip, other crypto asset value increases
The dip in price of Bitcoin has not affected other crypto assets. Ethereum price, for example, reached over $1100 this morning which is a high for the second largest crypto asset. The price of the asset had not touched that height for the past two years.
Litecoin is also currently trading at its highest price since 2018. While Bitcoin Cash has seen its value also increase massively too.
All of these assets have performed considerably better than Bitcoin as of this morning and, understandably, more investors could be looking to invest in them.
Despite this dip, trust and believe in Bitcoin still remain high as investors believe this temporary decline would be short-lived.