After a series of dips and climbs, Bitcoin seems to be finding a new low at $9 000 USD, but is making its way past the $10 000 mark yet again.

It's likely, of course, that the value of Bitcoin will be tested repeatedly over the course of the next few days. The value in USD has fluctuated dramatically over the last few days, beginning with a climb to $10 000, rising rapidly to $11 000, then dropping to $9500, and finally nearing $9 000 before beginning its recovery back past $10 000. It is possible that $10 000 may become the new bottom.

Virtually all altcoins are following in the waves of this turbulent storm of valuation change. The entire market cap of cryptocurrency is moving up and down along with Bitcoin's value. Bitcoin occupies more than half of the entire cryptocurrency market cap at around $170 billion at the moment. Therefore, it has a profound impact on the value of the market as a whole. This is accentuated by the fact that all altcoin values tend to fluctuate in step with Bitcoin, with few exceptions.

As Bitcoin continues its steady climb, it will begin to establish its place in the economy with growing influence and importance. To put things in perspective, the gold market cap stands at a colossal $6-7 trillion USD. Bitcoin is microscopic in comparison. As time passes, the demand for Bitcoin will create a greater presence and importance for the currency relative to global markets.

source:

https://coinmarketcap.com/currencies/bitcoin/