Hassan Maishera
Bitcoin drops below the $60k level
The cryptocurrency market has recorded an outstanding performance since the start of the month. Bitcoin broke the $50k and $60k barriers earlier this month and rallied to a new all-time high above the $67k level last week.
However, Bitcoin’s price has dipped since the cryptocurrency reached its all-time high a week ago. Bitcoin’s price dropped even further earlier today, losing the $60k psychological level. At the time of this report, Bitcoin is down by more than 5% over the past 24 hours, and it is now trading close to the $59k level.
Despite the decline in Bitcoin’s price, it has still performed excellently in the fourth quarter. BTC dropped below the $30k level in July, losing more than 50% of its value since it hit the then all-time high price of $64k in April.
However, the market began to recover in August, with Bitcoin topping the $40k level before the end of that month. With Bitcoin now trading close to the $60k level, market participants and experts are still optimistic that the leading cryptocurrency could reach the $100,000 mark before the end of the year.
Altcoins are not left out
The recent market correction also affected the performance of the leading altcoins and others. Ether was close to hitting a new all-time high a few days ago, but it is now struggling to stay above the $4k level after losing 4.2% of its value over the past few hours.
Binance Coin (BNB) and Cardano (ADA) are down by 5.5% and 7.6%, respectively, over the past few hours. Solana (SOL) has surpassed XRP to become the sixth-largest cryptocurrency in terms of market cap. However, SOL has lost 7% of its value in the past 24 hours and is still struggling below the $200 mark. XRP, Polkadot and Dogecoin are also trading in the red zone at the time of this report.
