Although the crypto market has not fully recovered from Monday’s bitcoin flash crash, the price of some cryptocurrencies seem to be stabilising.
While bitcoin’s value has not recovered to its pre-Monday levels yet, it’s nosedive has slowed down.
It’s price is down by about 1 per cent in the last 24 hours compared to its value drop by 7 per cent in the previous day, and is trading at close to $42,000.
Ethereum (ether), Solana (SOL), and dogecoin have lowered in values by over 3 per cent in the last day, compared to a nearly 7 per cent 24 hours earlier.
While it is hard to pinpoint what caused the crash, some experts tie it to China’s property market.
Some analysts warn that the latest price dip could form part of a longer-term trend while others remain convinced that any short-term volatility will ultimately be forgotten as bitcoin rises to new all-time highs in 2021.