Bitcoin price: How much is Bitcoin worth? Why is Bitcoin dropping?

Bitcoin: Martin Lewis gives advice on cryptocurrencies

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Cryptocurrency is a form of virtual or digital currency and Bitcoin has long been one of the leading cryptocurrencies on the market. But in recent weeks, other cryptocurrencies such as Dogecoin and SafeMoon have seen increasing interest, while the price of Bitcoin has dropped.

How much is Bitcoin worth?

According to CoinDesk, as of Thursday morning (BST) the price of Bitcoin was $53,958.66 or £38,746.58, a percentage change of -3.16 percent in 24 hours.

Bitcoin had a market cap of $1.01 trillion and £724.09 billion.

Anyone considering investing in Bitcoin should be aware investments can go up and down and understand the risks involved.

People should also be aware cryptocurrencies are largely unregulated.

Why is Bitcoin dropping?

In recent days there have been several reports of a lull in Bitcoin prices.

According to Forbes, Bitcoin prices recently dropped below their 50-day moving average.

CoinDesk data shows the cryptocurrency fell from more than $62,000 to almost $52,000 over the weekend.

The global chief investment officer of one of the world’s largest investment firms said this week a major correction is soon likely for Bitcoin.

Scott Minerd, Chairman of Guggenheim Investments and a member of the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, told CNBC’s Worldwide Exchange: “Given the massive move we’ve had in Bitcoin over the short run, things are very frothy, and I think we’re going to have to have a major correction in Bitcoin.

“I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50 percent decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before.”

However, Mr Minerd added the correction would be included in “the normal evolution in what is a longer-term bull market”, suggesting the price of Bitcoin was heading towards $400,000 to $600,000.

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How much are other cryptocurrencies worth?

In recent weeks, Dogecoin has seen a rise in popularity, fueled by tweets from SpaceX founder Elon Musk.

According to CoinDesk, on Thursday morning Dogecoin’s price was $0.265373 with a market cap of $34.27 billion.

Dogecoin was priced with a -18.25 percent change in market cap over 24 hours.

Another digital currency which has gained momentum recently is SafeMoon.

SafeMoon is actually a DeFi token (decentralised finance token) rather than cryptocurrency.

SafeMoon was priced at $0.00000528 on Thursday morning according to CoinMarketCap.

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