Bitcoin price fell 20% on Thursday. It seems to have stabilized after this fall, but it was a fall not many predicted, and alts appear to have gone down with it. At the time this occurred, the Bitcoin Exchange and Wallet service Coinbase experienced performance issues due to the sheer number of users trying to access the site.
The price crash surprised many people but seems to be normal market correction after such a rapid increase. The price of Litecoin and other alts appear to be pegged with Bitcoin and rise and fall along with it. The price has not recovered to where it was but has hovered higher than it originally was, a support level of $800 to $900 seems like it will become typical.
The price crash has caused an almost 30% drop as of Friday. This has partially been fuelled by the massive dump of coins as people tried to sell high. It has affected Alts such as Litecoin, however Litecoin value only fell about 25% in the same period. This does seem like a massive pump/dump.
To those interested in astrology, this price rise occurred mainly during a mercury retrogade period, and now mercury is stationing direct, the price has fallen almost to pre-retrogade levels but with a higher support level. NEVER make NEW investments during mercury retrogade of any kind.
Mercury retrogade is where mercury appears to go backwards in the sky, in pagan astrology the planet mercury governs psychology, the mind, understanding and perception. I have observed many who made investments during mercury retrogade periods end up bagholders.
It is likely the price will continue to rise in the long term however, through increased adoption, but we are likely to see volatility and Bitcoin is limited in widespread adoption due to issues with the consensus rules. If you are transacting in business, Litecoin offers a lower volatility level than Bitcoin.
My Bitcoin holdings fell 30% from the peak, while my Litecoin holdings only fell 25% by my calculations in the same period. The bitcoin network became congested when the price reached it’s peak due to high trading volumes. This is another reason Segwit should be deployed without delay.
Trade safely, and have fun guys! Take it in your stride!