The cryptocurrency market is crashing this week and many of the largest coins haven’t been able to escape the carnage of a potential crypto winter. Here’s a look at how far Bitcoin BTC/USD is from its all-time high.
What Happened: The stablecoin TerraUST UST/USD and the cryptocurrency linked to it, Terra LUNA/USD, are among the biggest decliners on the week and have creaed some level of panic for the cryptocurrency market.
Bitcoin, the most valuable cryptocurrency by market cap, has seen its value fall 21% over the last seven days. The coin is hitting levels that haven’t been seen since July 2021.
The fall of the price of Bitcoin has also sent stocks that are tied to cryptocurrency mining and those that hold the coin like MicroStrategy Inc MSTR lower.
While the cryptocurrency could continue to fall, here’s a look at how buying the dip in Bitcoin now could turn out if the coin can rise again.
Investing $100 in Bitcoin: Bitcoin was regaining 4.5% of its value over 24 hours and trading at $30,343 Friday afternoon.
A $100 investment in the cryptocurrency could purchase 0.003295 BTC.
That $100 investment would turn into $226.66 if Bitcoin returns to its all-time high of $68,789.63 hit in November 2021.