After Sunday’s high of $50,800, Bitcoin was down to $49,109 by 2.02% sending mixed reactions across the market. Earlier today morning, the world’s most popular cryptocurrency regained its high at $50,234 but failed to get a foothold, falling to a new low of $48,875.
Forecasts of a higher cap for bitcoin by the end of 2021 is fading fast. It is struggling to maintain momentum of November’s $68,000 after plunging nearly 22%. Over the weekend, the cryptocurrency broke the noted resistance level at $50,341 before slumping to sub-$50,000 levels. It managed to hang onto the sub-$50,200 levels and fell. Bitcoin remains bullish. And with the day just taking off, crypto enthusiasts are hopeful that bitcoin will pull through.
However, analysts believe failure to move through the $49,871 mark would bring the first major support level at $48,942 into play. It would manage to go through the sub-$48,000 levels. The latest data from CoinMarketCap shows bitcoin at $49,028. It has been down by 0.40% in the last 24 hours. But its current ranking remains at #1, with a live market cap of USD 926,622,131,126.
Bitcoin, in recent months, has been very much volatile but remains valuable than what it was five years ago. In 2008, bitcoin rose up after the global financial crisis as the most valuable digital currency.
Analysts say crypto is often held up by proponents as a useful portfolio inflation hedge. Wild swings is more akin to a highly speculative risk asset, they said. Moreover, experts believe regulation remains a key overhang.
Meanwhile, Ethereum has managed to rise to $4,016. It was down by 0.70% in the last 24 hours. The world’s second most popular cryptocurrency’s CoinMarketCap ranking is at #2. It has a circulating supply of 118,717,148 ETH coins.