Bitcoin prices were on a downward trend today, as the popular cryptocurrency continued to consolidate its previous gains. Ethereum, another major player in the crypto market, also experienced a decline, while Cardano saw an increase in value.
Bitcoin’s Price Movement
Over the past 24 hours, the price of Bitcoin slipped by 1.1% to reach $42,646.64. This decline followed a 0.1% drop on Christmas Day. In contrast, Ethereum experienced a 1.5% decline to reach $2,242.62, while Cardano advanced by 1.2% to reach $0.61380848.
Understanding Bitcoin’s Recent Weakness
Analyzing the reasons behind Bitcoin’s weaker performance on Boxing Day is a challenging task. In reality, it seems to be merely a consolidation phase after significant gains. Notably, Bitcoin had surged by 163% during 2023 and had registered a 15% increase in December alone.
Trading Range and Market Expectations
Bitcoin’s trading activity has resulted in the cryptocurrency being trapped within a price range of $40,198.70 to $45,050.00. This range has persisted since the beginning of the month when Bitcoin initially soared above the $40,000 mark. Recent developments surrounding Bitcoin’s potential approval for a Bitcoin exchange-traded fund (ETF) and speculation about potential Federal Reserve policies in 2024 have contributed to the cryptocurrency’s recent strength.