Bitcoin has been falling since October 27th, and it’s unclear what is causing the drop.
Bitcoin has been falling steadily since October 27th, with no end in sight. It’s not clear what is causing the drop, but there are several possible reasons why Bitcoin might be in trouble. The most obvious reason for a price drop is that Bitcoin is facing competition from other cryptocurrencies. While Bitcoin was once the only game in town, it now faces serious competition from coins like Litecoin and Ethereum. The popularity of these coins means that people have more options when it comes to investing in cryptocurrency, which could be part of what’s driving down the price of Bitcoin.
The market cap for cryptocurrencies has also been dropping over time as well. In April 2021, when BTC was at its peak value at $2100 per coin, there were over 900 different cryptocurrencies on the market with a total market cap of $27 billion USD. Today, there are still over 900 different coins on the market but their total market cap sits at around $9 billion USD. This lower overall value could also be contributing to why BTC’s price is falling.
