Bitcoin’s Struggles as Ether Gains Traction
Bitcoin stumbled as Ether gained momentum this week, with prices jumping up by as much as 10% on Wednesday. It seemed like someone hit the Ctrl-Alt-Del keys as Bitcoin’s price was heading towards $100,000, only to see a big chunk of its gains vanish.
On the flip side, Ether surpassed $3,600 per coin on Wednesday, marking a robust 10% daily rally. This surge wiped out Ether’s losses for the week and put Bitcoin in the backseat. While Bitcoin saw a slight 3% dip since Monday, Ether was up by 7% and is on track for its second consecutive week of gains.
Bitcoin’s prices took a temporary hit on Wednesday as traders scaled back their exposure to the high-risk asset. The cryptocurrency fell to around $92,000, moving away from the $100,000 mark it came close to last Friday. Currently, Bitcoin is about 6% lower than its all-time high of $99,700, trading at around $93,300 per coin.
The crypto market as a whole lost around $200 billion since the record-breaking session on Friday. Despite this setback, both Ether and Bitcoin are still showing substantial gains for the month. Since Election Day on November 5, Ether has surged by about 46%, while Bitcoin has gained roughly 40%, driven by enthusiasm over President-elect Donald Trump’s pro-crypto policies.
Amidst all this, there are rumors swirling that Elon Musk might lead the DOGE Department (Department of Government Efficiency) to streamline federal operations and trim spending. With these exciting developments, market volatility could remain high leading up to Trump’s inauguration on January 20.
This article was created in collaboration with TradingView, providing accurate and up-to-date information on the crypto market trends.
