The cryptocurrency market continues to experience a decline in prices, with Bitcoin falling below the $5,000 level.
According to a report by Cointelegraph, Bitcoin’s price fell by 58.07 percent from its highest price last February, which was at $10,500. As of press time and according to data from Coinmarketcap, Bitcoin’s price is at $4,952.70.
The futures market was also seen experiencing a decline due to the Coronavirus pandemic causing some economic uncertainty, making investors hesitant in the equities markets and risk on assets.
The report noted that stocks and cryptocurrencies will potentially continue to fall at Friday’s opening bell based on the futures market’s current condition.
CoinDesk also disclosed that balances with 100 or more Bitcoin have reached their lowest point since Dec. 31, 2019.
Some investors are expecting major volatility in the market in the near-term while others are seeing positive opportunities on their investments in the long-term.
Eterna Capital Chief Investment Officer Asim Ahmad shared that the long-term perspective can be an opportunity for investors to get exposure to the asset class at attractive prices.
Other major cryptocurrencies such as Ether and XRP are similarly seeing a price plunge, with Ether now priced at $115.81 and XRP at $0.133944 as of press time.