Bitcoin Hits Over $11,000 For the First Time Then Sinks Right After

It’s been an absolute wild ride watching bitcoin in recent weeks.

The cryptocurrency soars above $8,000, then $9,000, then $10,000, and then $11,000 today, and then quickly falls back down to the $9,000 territory.

According to CoinDesk, bitcoin hit $11,388.33, a new record high, on Wednesday. Shortly after it dropped about 18% and was down to levels around $9,292. That means in less than 24 hours the digital current sank over $1,000. Talk about volatile.

A former trader who heads Estimize now, Leigh Drogen, commented, “There’s no fundamental value to any of this stuff and it’s all based on … supply and demand at any point in time.”

The chief market technician at MKM Partners, Jonathan Krinsky stated, “It’s definitely been going a bit parabolic over the past few weeks. I think today’s action marks somewhat of an inflection point. But it’s still 200 percent above its 200-day moving average, so it’s not surprising to see some consolidation here.”

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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