Bitcoin has fallen 11.23 percent in the 24 hours to press time Monday, Feb. 5, dropping below support at $8000 as its price continues to dictate altcoin performance.
Image source: coin360.io
Friday’s dip triggered a short-term uptick that saw prices gain over $1200 in a single hour, enthusiasm appearing to dampen once again after passing $9000.
Traders offer perspective
On social media, cryptocurrency traders remained more steadfast than ever in their faith about both Bitcoin and altcoin perspectives.
John McAfee, who has championed Bitcoin and recently begun focussing on specific altcoins, told Twitter followers to “get a perspective” in the face of falling value.
“In a long term view, (Bitcoin) is still climbing. Forget about these short term ups and downs,” he continued.
Please God people – get a perspective about the market! The price of Bitcoin today is still higher than it was just three months ago! In a long term view, Bicoin is still climbing. Forget about these short term ups and downs. If you are a short term investor, you need to get real
Adding some perspective on the overall red-washed market, CNBC’s Ran Neuner tweeted yesterday that the combined market cap of all cryptocurrencies today is the same as it was in December, 2017:
At press time, the total market cap according to CoinMarketCap was around $369 million, about the same level as it was Dec. 6, 2017:
Altcoin-focused accounts also cautioned traders against paying attention to coins’ value in USD or other fiat currency terms. Others were more bullish, using various methods as proof a more serious upturn was the most likely short-term future for Bitcoin.