Bitcoin Trades Around $58k
The cryptocurrency market has been in a bearish trend for the past week. The prices of Bitcoin and other cryptocurrencies have been underperforming over the past few days, losing more than 10% of their values during that period.
Bitcoin, the world’s leading cryptocurrency, is down by nearly 18% from the all-time high of $69,044 it achieved less than two weeks ago. At press time, Bitcoin is trading just above the $58k level and continues to struggle.
Despite the recent dip, Bitcoin has performed excellently since the start of the year. BTC’s price has surged by more than 100% since the start of the year, outperforming numerous asset classes, including gold, silver and other leading commodities. Bitcoin’s current market cap is above $1 trillion.
Bitcoin is trading below the $60k level for the first time since October, but market experts and analysts are optimistic it would rally higher before the end of the year. Some market analysts estimate that BTC could trade around the $100k level before the end of the year. That would be more than a 50% increase from its current price.
Altcoins Are Also Underperforming
The bearish momentum has also affected the altcoins, with Ether and other major coins also trading in the red zone. At press time, ETH is trading above the $4,200 level, down by nearly 10% over the past week.
Binance Coin (BNB) maintains its position as the third-largest coin by market cap, and its value has been down by more than 12% over the past seven days. Solana remains the only cryptocurrency amongst the top ten by market cap that is currently trading in the green zone over the past 24 hours.
The total cryptocurrency market cap currently stands at $2.7 trillion, down from the $3 trillion recorded earlier this month.