Wednesday will go down in history as one of the craziest days in cryptocurrency. Bitcoin broke the $10,000 mark and not too after reached over $11,000 for the latest all-time high. At that pace, it looked like it could potentially rally to $20,000 easily before years end. It was only a few days later after the Thanksgiving holiday where folks are sharing their significant winnings from 2017. An avalanche of approximately 50 billion dollars was injected to the markets and contributed directly to the surge. Coin Base reported that it added 300,000 new users this past week alone.
The FOMO (Fear of Missing Out) was evident but the panic sell calls from new money was too much for the market to handle. In a manner of an hour apart, Bitcoin crashed from $11,000 to $9600 while bringing the rest of the alternative coins down with it. From a wild bullish run to a bear market in just a matter of hours, it felt like September blues all over again. Fortunately, Bitcoin quickly recovered back to $10,000 and has stabilized. Some of the other cryptocurrencies have completely recovered and others are slowly climbing back. There is a possibility of further corrections, please do your own technical analysis.