Bitcoin slid in price from above $52,000 to below $44,000 on Tuesday following issues with the adoption of the cryptocurrency as legal tender in El Salvador, but has recovered slightly on Wednesday.
Bitcoin’s nosedive has also had an impact on other cryptocurrencies, including Ethereum (ether), Cardano (ada), and dogecoin.
Currently the global crypto market is worth $2.03 trillion, which is about 11 per cent lower than its value a day earlier.
According to a model-based prediction by pseudonymous Dutch analyst PlanB, bitcoin may reach a value of $100k+ before the end of 2021.
British banking giant Standard Chartered also noted in a recent report that Bitcoin’s value would peak around late 2021 or early 2022 to above $100k.
Other forecasts say current trends could result in lows below $20k for the cryptocurrency by the end of the year.
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