Key Takeaways:
- Bitcoin price looking to post its fourth straight losing week as markets retreat
- The Ethereum token is also in decline with price hovering near $4,100
What’s Today’s News in Crypto?
Bitcoin, the world’s most valuable cryptocurrency, is on track to log its fourth straight week in decline. More precisely, the price of bitcoin turned lower for the week on Thursday when it lost about 5% on the day.
As a result, the orange coin is now showing a weekly decline of about 1% from this week’s opening price of $49,200. Closing below that number would put bitcoin in negative territory by slightly over 25% for the past four weeks.
Going one week farther, we have the all-time high of the flagship token when on Nov. 10, BTC hit $69,000.
On the other hand, Ether, the second-most valuable token in the market, is down for its fifth week. In practice, the price of the Ethereum coin has been falling in a more composed manner, compared to bitcoin.
That said, Ether is down about 15% since early November and is now trading near $4,100, slightly pressured on Friday.
What’s the Price of Bitcoin?
Early Friday morning, the price of bitcoin floats in the range between $48,000 to $48,500 per coin. Recently, crypto assets have retreated from their highs as traders have folded their risky bets. As we head into the end of year, however, major tokens are showing substantial yearly gains.
Bitcoin, on that note, is higher by about 70% since January. Further, Ether boasts a gain of over 500% from the beginning of 2021.
Not only that, but the entire cryptocurrency market has almost tripled in valuation. In numbers, the digital asset space grew from roughly $770 billion in January to nearly $2.3 trillion today. In that context, many traders who have been waiting for a pullback are now heading to buy the dip.
With this in mind, be sure to check our cryptocurrency buying guide. In it, you will learn which tokens are the hottest now and how easy it is to become a crypto investor.