Bitcoin Kicks Off the Week with a Modest Dip Amid Broad Decline
- Bitcoin and other cryptocurrencies prices drop slightly as the weekly trading sets in
- The price of bitcoin turned lower by 1% early on Monday as crypto players seek better deals
Bitcoin Dips as Crypto Market Loses Ground
In crypto land volatility has been inherent for the moves of the major cryptocurrencies. After gaining more than 75% from late July to early September, bitcoin sold off by 15% over the course of last week.
The price of the leading digital asset on Monday hovers near $44,500 per token, down about 1% on the day. Crypto traders and investors are aiming to boost the market sentiment today following a widely uneventful weekend.
Over the past couple of days, bitcoin’s price remained virtually flat as bitcoin players favored sideways trading slightly below the $45,000 threshold. Over the last week, however, the orange coin has lost about $7,500, or 14.5%, as the recent strong rally suddenly lost its momentum.
Last Tuesday, bitcoin was trading near a four-month high just a few hours into the official launch of the biggest cryptocurrency as El Salvador’s legal tender. The flash crash that followed erased about 10% from bitcoin’s valuation by the end of the day.
Since then, the cryptocurrency market has been awaiting its next price catalyst as prices have mostly drifted little changed.
New Opportunities Ahead
As the cryptocurrency market is beginning to show signs of stability, many crypto analysts consider this time to be another opportunity for hold outs waiting on the side line to jump onto the crypto bandwagon.
Ether, the second-biggest cryptocurrency, has been pinned near $3,200 per coin this morning. The Ethereum token has lost about 20% since Tuesday, making it an attractive buy-the-dip choice. Ether recently became even more popular when the craze around non-fungible tokens (NFTs) and decentralized finance (DeFi) started booming several months ago.
Presently, the digital asset market is worth a little over $2tn. Bitcoin’s market share stands at roughly $835bn, or a dominance level of almost 42%. The largest alternative coin, ether, commands a valuation of $375bn early on Monday as crypto market action for the week is kicking into gear.
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