Bitcoin breaks through the $29,000 mark, investors falter

At around 4pm on May 26, Bitcoin (BTC) at one point fell from the $29,000 mark, to $28,955. However, the world’s most popular coin recovered and returned to a price of more than $29,000.

Although it only lost the milestone in a short 15 minutes, Bitcoin also made many investors doubtful and created heat on the market. “Just finished drinking a bottle of water and the market is red again,” said one commenter in a cryptocurrency group in Vietnam. For leveraged players, this short period also costs them large sums of money.

Bitcoin broke the $29,000 mark in a short period of time on the afternoon of May 26. (CoinMarketCap screenshot)

Despite returning to the $29,000 mark, Bitcoin is still down 2.33% from a day ago, equivalent to a loss of $716 per BTC. However, what investors are worried about is that the drop in the price of Bitcoin causes alt coins to plummet without being able to recover.

In fact, the world’s most valuable coin only managed to drop a few percent in price, causing other cryptocurrencies to suffer. Specifically, Ethereum is 1,836 USD, down 6.96%; BNB price 311 USD, down 6.1%; Solana 44.06 USD, down 10.2%; Near to $5.32, down 9.24%.

Despite the decrease in price, Bitcoin shows signs of slight increase compared to 7 days ago. However, with the other coins mentioned above, still continuing to decline, there is no sign of recovery.

“It is better for BTC to drop completely to $20,000 so that the market recovers slowly, but up and down like this, all alt coins are ‘broken’”, a person named VT worries.

The unstable rise and fall of Bitcoin also makes many investors jump. Some people doubt how much BTC will be “leaky”. While others predict an “explosion” will soon occur.

Before that, analysts forecast Bitcoin could reach the $28,000 mark, or $18,000. Even recently, there was a forecast of Bitcoin falling to $ 8,000.

Long-term investors and idle money invested in the market seem to be quite calm before the fluctuations. “I still keep the habit of spending 10 euros a day to buy Bitcoin no matter what its price is,” SV – a Vietnamese investor living in Europe told ICTnews.

According to Hai Dang