Bitcoin Price Briefly Drops Below $41,000 Amid Broader Market Correction
Bitcoin price brieflt dropped below $41,000 earlier today, undoing almost a week’s gains before a bounce back. Other major cryptocurrencies including Ethereum, Ripple (XRP), Solana (SOL), and Cardano (ADA) were also down over 5%.
According to TradingView, the price of Bitcoin made a sharp dip of 6% from $43,233 and declined to a lowest point of $40,659 at 2:13am on Dec. 11 (UTC). This sharp downturn quickly erased the gains Bitcoin had made over the past bullish week.
Ethereum fell from a previous $2,330 to as low as $2,145, marking a 7.9% dip in the same time frame.
In the meantime, major altcoins have also seen fluctuations as a broader market correction, including XRP, Solana, Cardano, and Polkadot, all with a plunge marking a loss of over 5% at some point, following the same pattern of Bitcoin and Ethereum.
At the time of writing, Bitcoin recovered to $42,141 according to TradingView, still indicating a decline of 3.8% over the past 24 hours. Ethereum bounced back to $2,239, down 4.7% from yesterday. Other altcoins mentioned have rebounded to a corrected level, too.
Over the past week, Bitcoin has breached the $42,000 landmark, remained above $43,000 and been constantly hitting $44,000. In addition, Bitcoin has seen an impressive rally, soaring by 166% in 2023, significantly surpassing gold’s annual gain of 9%.
Pending the U.S. Securities and Exchange Committee’s decision of the first spot Bitcoin exchange-traded fund (ETF), the industry has been optimistic with more established financial institutions joining the game. According to a Bloomberg report, the upcoming “supercycle” of crypto could push the price of Bitcoin to potentially exceed $500,000 in the future.
The global acceptance of Bitcoin develops, too. Partnered
