TL;DR Breakdown
• Bitcoin drops to $57000 after reaching its ATH in recent weeks.
• Long-term investors avoid selling the token in times of panic.
Bitcoin reached its maximum price above $69,000 on the 10th of November. BTC lost about 20 percent of its value last week, trading at $55,700.
However, the most prominent crypto investors have maintained their positivity and expect that the token will increase in price soon. Older crypto enthusiasts are reportedly trying to avoid selling their holdings in times of panic. This shows how much confidence people have in crypto, letting this little slip be overlooked.
Bitcoin enthusiasts avoid panic selling
Bitcoin news suggests that crypto enthusiasts are avoiding selling the token out of panic. The figures indicate that less than 3 percent of the total volume has been sold in the last few hours, leaving the remaining percentage with BTC holders who invest over an extended period.
Reports show that BTC holders who invest for a short period have suffered losses. Investors who bought the token on the upside and sold on its liquidation lost about 20 percent of capital.
When the crypto trade in Bitcoin suffers a sell-off in its price, the change in profitable supply shows how many tokens have a basis in their costs over their current value. Since its all-time high in value, about 17 percent of the token’s storage has been lost, leaving 83 percent of the rest of the supply in profit. But after this ATH correction, the announcements show that the holders are not panicking the token to a deeper drop.
Rebound effect on cryptocurrencies
Even though the 20 percent drop in Bitcoin looked bad, the token proved that it could regain its value within a short time. In less than 24 hours, the token recovered its price from trading at $55,700 to $58,039 today, which represents an increase of over 8 percent in a short period.
According to the analysis platform in cryptocurrencies and Blockchain networks, Glassnode, short-term crypto investors lost little capital. Long-term investors maintain good expectations about the token. More professional forks may be expecting Bitcoin to hit a new band in its ATH before the end of the year.
While BTC lost a portion of its value recently, altcoins like Ethereum have rebounded with a 4 percent boost in 24 hours. Ether is trading today at $4,236, according to CoinMarketCap.
