Bitcoin on Friday pulled back from its a record-high level and the recent rally in the cryptocurrency market has come to a pause.
Price of Bitcoin was trading around $68,100 at 9.06 a.m. EDT for a daily loss of 6.5%, giving back almost all of its gains recorded in the past week, according to data from CoinMarketCap, a digital asset price-tracking website.
The world’s biggest cryptocurrency saw its price climbing to an all-time high of $73,666 on Thursday, the highest level in its 15-year history, before retreating to $71,390 for a daily loss of 2.3%.
Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs, or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.
Ethereum, the world’s biggest altcoin by market cap, was down 5.6% to $3,718 at 9.08 a.m. EDT.
Some altcoins saw their prices plummet as much as 14%, according to CoinMarketCap.
The value of the cryptocurrency market was down 6.6% to $2.57 trillion at the time, while Bitcoin’s share of the crypto market, known as dominance, was at 51.9% and Ethereum’s dominance at 17.3%.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Share via: