Bitcoin Dips As Investors Move To Smaller Crypto Assets
On Thursday morning, major cryptocurrencies slumped as bitcoin continued to hover under the key level of $50,000 amid concerns surrounding the new Omicron variant of coronavirus.
Bitcoin was down 1.8% to trade at $48,310. Earlier in the week, the price of bitcoin had surged, passing $49,000 but failing to reach the key level of $50,000. Furthermore, bitcoin is currently down around 30% from its all-time high of roughly $68,000, which it hit in November.
Meanwhile, ethereum, the second-largest crypto by market cap, dropped 2.6% and was trading at $3,917.
It appears that investors are instead moving their focus to smaller crypto assets, with cryptocurrencies such as ripple, cardano, polkadot, dogecoin, and shiba inu increasing by 1 to 5%.
Speaking to Yahoo Finance, Kalkine Group CEO Kunal Sawhney said, “Cryptocurrencies have remained turbulent in the recent past with the most populous crypto-asset bitcoin continuing to hover below the mark of $50,000.”
"The persisting uncertainty in financial markets have severely dismantled the growth prospects for most risky assets including some of the tech stocks and cryptocurrencies," Sawhney added.
