Bitcoin retraces gains, drops below $15,000 brings Ethereum, Litecoin and Bitcoin Cash down with it

The last five days have been incredibly volatile in the cryptocurrency world and as we’ve seen, Bitcoin sets the pace for most of the other major cryptocurrenices. After dropping to the low $11,000 range on Friday Bitcoin regained its footing and surged back up to $16,000 yesterday causing most people to declare the end of the dip/crash/price correction. Currently the top new story on CoinTelegraph is about the strong recovery that Bitcoin had moving off of Friday’s lows:

This morning Bitcoin (BTC) surged to a peak of $16,930 and the total cryptocurrency market cap hit a high of 603 bln, after a steady past couple of days of growth. The market recovery comes in the wake of a major dip at the end of last week that was followed by several days of volatility. (Source – CoinTelegraph)

Well even though this article was published today and talks about a recovery with a peak of $16,930 – as of right now Bitcoin is down over close to $2,000 off it’s 24-hour high sitting just below $15,000.

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I’m sure this is making more than a few investors and journalists wondering if it was too early to announce the recovery, i.e. we might still be in the middle of a nice frothy dip. Like we have seen over the last few days, when Bitcoin retraces its gains, so do most other popular altcoins – as of now Bitcoin Cash has dropped down to $2,642, Ethereum is down to $722, and Litecoin is down at $262.

Of course this begs the question – is this another buying opportunity, or is the dip that we all thought was over still in process? One thing’s for sure, today is going to be another exciting day in the crypto world.

What do you think? Is this another buying opportunity or signs that the “recovery” hasn’t quite happened yet?

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