Key Takeaways:
- Over the past week, bitcoin finally cracked after seven straight weeks of gains
- The leading asset was joined by major tokens as the selloff was broad based
Bitcoin Fell but Remains Up Over 90% This Year
Bitcoin, the world’s biggest cryptocurrency, experienced some strong jitters over the past week. In more detail, this was the first negative week for the orange coin in almost two months. Since late September, the price of bitcoin was in a steady climb until it peaked at $69,000 on Nov. 10.
From then on, however, the flagship token has started to decline. More precisely, bitcoin’s price has lost about 18% from its record high to current market price of $57,000.
Over the past week alone, the price of bitcoin slipped more than 7% as many crypto traders went on a profit-taking journey. Still, for the year, bitcoin is up more than 93%. Along with bitcoin’s recent slide, the entire crypto market endured a week of steep corrections.
Broadly, the cryptocurrency market last week lost about 6% of its valuation and is currently hovering near $2.6 trillion.
Market Decline as a Buy the Dip Opportunity
Several developments contributed to the falling price of bitcoin and cryptos last week. First, analysts say a stronger US dollar is weighing on cryptocurrencies. Second, a correction could happen when people decide to cash in their winnings.
And third, the Bitcoin Taproot upgrade could have been a milestone for some to sell their tokens due to the uncertain outcome. As it turned out, the Taproot upgrade was a success and the Bitcoin network is now better and more efficient.
The recent fall, on the one hand, is not troubling market participants. In fact, many have been calling for the correction after the token more than doubled since July.
To this end, crypto traders and investors greeted the market selloff with increased buying. In other words, traders flocked to the digital asset market to buy the dip and get their favorite crypto at a discount.
What’s the Price of Bitcoin?
Presently, the price of bitcoin gravitates toward $56,800 per token. It remains slightly higher for the day. Ether, on the other hand, is also in the green by 3% today. The second-biggest coin is trading near $4,200.
Outlook for the final month of the year is strongly positive. This said, many strategists call for a new all-time high in the price of major cryptocurrencies.