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Bitcoin plunged 8.7%, while other digital currencies such as Ether experienced a double-digit percentage drop.
Bitcoin and other digital currencies plummeted Thursday, a slide that is likely to fuel speculation about the duration of the cryptocurrency boom.
Bitcoin plunged to 8.7%, its highest since the beginning of August, while other digital currencies such as Ether have seen a double-digit percentage drop.
The Bloomberg Galaxy Crypto Index at one point slipped by more than 6%.
“Conditions are extremely overbought and are set for a correction,” said Vijay Ayyar, head of business development with cryptocurrency exchange Luno.
“So frankly I don’t think it’s unusual. I still believe we will see all-time highs before a larger decline / correction. “
Even with the withdrawal, Bitcoin has more than doubled this year and until recently was knocking on the door of the $ 19,511 record set in 2017. Cryptocurrency believers advertise the purchases of retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness as reasons why the boom can last.
Skeptics argue that cryptocurrency’s famous volatility portends a repeat of what happened three years ago, when the boom turned into an epic failure.
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