Bitcoin has been on the rise recently. The cryptocurrency has gained more than 10% in value in the past two weeks. While it's good to see growth, we don't believe it's the bottom for Bitcoin.
Bitcoin's price has dropped more than 25% since hitting an all-time high near $20,000 in mid-December. The cryptocurrency is down nearly 75% from its peak and is currently trading at around $6,300. for every penny.
While it is true that this is not the first time bitcoin has dropped significantly after hitting a new high, it is also true that most major cryptocurrencies have experienced a similar experience in recent months. Ethereum, Ripple and other leading cryptocurrencies have also seen sharp declines – sometimes even bigger than bitcoin – after hitting new highs earlier this year.