Hassan Maishera
TL;DR
-
Bitcoin is trading below $70k after losing nearly 4% of its value.
-
Altcoins are underperforming, with Ether trading at around $2,500 per coin.
BTC Retraces Below $70k After Failing to Set a New All-time High
Bitcoin, the leading cryptocurrency by market cap, came close to setting a new all-time high earlier this week after reaching the $73,544 mark. However, it was unable to surpass the current all-time high price of $73,750.
BTC has now reversed some of its earlier gains and has dropped below $70k per coin. The cryptocurrency lost 3.8% of its value in the last 24 hours and now trades at $69,557 per coin.
Altcoins followed Bitcoin’s steps, recording considerable losses in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, lost more than 5% of its value and is now trading at $2,508 per coin.
Dogecoin is the worst performer amongst the top 10 cryptocurrencies by market cap, losing 7% of its value in the last 24 hours. With Bitcoin retracing, the total cryptocurrency market cap has dropped below $2.4 trillion and now stands at $2.34 trillion.
Despite the recent bearish move, market analysts believe that Bitcoin could rally higher in the coming weeks and months. In an email to Cryptowisser, Ruslan Lienkha, chief of markets, YouHodler, commented that the crypto market is poised to surge higher in the coming months. He added that,
“I believe financial markets, including crypto, are poised for growth in the coming months. The outcome of the U.S. elections will likely have a significant influence on the pace of this growth. In particular, a potential Trump victory could provide a substantial boost to the crypto market, as he is viewed as a crypto-friendly politician.”
