The cryptocurrency market recovery hit a wall on Tuesday, forcing the Bitcoin price back down to $8,500 and all major coins and tokens into decline as well.
The Bitcoin price has fluctuated wildly, hitting $230 in April 2013, falling below $70 in July, and then exceeding $600 in November, prompting talk of a bubble.
At press time, average bitcoin prices were down just over $120 across major exchanges, declining from an opening value of $4,204 at 0:00 UTC to $4,080.
The Bitcoin price continued to lose market share to its peers, and the flagship cryptocurrency now accounts for just 37.1 percent of the index's total valuation.
After struggling to hold above the $11,000 point earlier this week, Bitcoin price, at last, succumbed to selling pressure and dropped below $10,000 for the second time in three weeks.
In the latter half of 2012 and during the 2012-2013 Cypriot Financial Crisis, the bitcoin price began to rise, reaching a peak of US$266 on 10 April 2013, before crashing to around US$50.
If Bitcoin becomes legalized by the end of May as many predicts, and millions of new users from India emerge as a result, Bitcoin price will likely surge in the mid-term.
The price of Bitcoin at the time dropped by more than 70% and most investors hurriedly sold of their assets due to fear that the prices would continue to drop further thereby making the investment unviable.
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