Bitcoin has witnessed a plunge under the $51,000 level during the past day, here’s what’s potentially behind this decline according to on-chain data.
Bitcoin Has Slipped Under The $51,000 Level During The Past Day
Yesterday, Bitcoin had observed a sharp surge to touch the $53,000 level and set a new high for the year, but the rally was short-lived, as the cryptocurrency soon followed up with a sharp plunge all the way down to under the $51,000 mark.
Shortly after this plummet, though, the coin quickly rebounded back above $52,000, giving investors hope that the the drop was perhaps only temporary. Since then, however, the asset has once again seen a drawdown towards the same lows, as the below chart shows.
Due to these red returns, Ethereum has managed to outperform Bitcoin on both the daily and weekly timeframes (ETH is even in 5% profits for the latter period). The altcoins, though, have still performed notably worse than the original cryptocurrency.
Now, what’s d
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