Bitcoin Fell by More than 17% in the Morning Trading Hours

Bitcoin remains one of the most popular cryptocurrencies in the world, and this fact underlines its importance. However, the world’s largest cryptocurrency in terms of market cap suffered losses on Tuesday morning.

Interestingly, in the early morning trading hours, Bitcoin price declined by 17.65% which triggered a major downturn throughout the entire market. It is worth noting that, the cryptocurrency’s price decreased from a high of $58,274 on February 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current price of $53,350.

Importantly, despite today’s $1.6 billion liquidation event, the cryptocurrency bulls remain optimistic about the future of the cryptocurrency.

As a reminder, Bitcoin went from $10,000 in October 2020 to almost $60,000 in just 4 months.

Interestingly, recent money printing by central banks makes it less likely that BTC will drop as low as $30,000. It makes sense, as this cryptocurrency is increasingly being seen as a hedge against currency devaluation by investors around the globe.

Bitcoin and its market cap

It is worth noting that, several tokens saw their prices increase on Monday thanks to positive developments. Interestingly, the breakout star over the past 24-hours has been Crypto.com Coin. Its price exploded by more than 63% to establish a new all-time high of $0.2748 during the early trading hours.

Moreover, other noteworthy performances include NEM (XEM), which is up 16.05%, and Solana (SOL) which increased by 20.54%.

As a reminder, the overall cryptocurrency market cap now stands at $1.63 trillion, and Bitcoin’s dominance rate is 61.2%. The coronavirus pandemic changed many aspects of modern life, and it is not surprising that people are willing to buy Bitcoin. As stated above, it is the largest cryptocurrency in terms of market capitalization.