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Bitcoin and other cryptocurrencies fell on Friday, putting a small dent in the sector’s sharp recent rally.
Bitcoin
traded down 0.8% to $42,692 over the last 24 hours. The largest cryptocurrency has largely traded in a range of between $41,000 and $44,000 since early December but has more than doubled this year.
Despite the setback, Bitcoin is still set to finish the year at its highest levels since April 2022 amid excitement over the expected approval of exchange-traded funds which will hold the digital currency.
“The balance of 2023 has been positive for the cryptocurrency market after the debacle experienced during the year 2022… [the cryptocurrency] market capitalization has increased by over 95% this year,” said Diego Morin, a market analyst at IG.
Ethereum,
the second largest cryptocurrency, fell 1.3% to $2,363. Among smaller cryptos,
Cardano
was down 4.2% but
Solana
was up 4.7%.
Dogecoin
fell 1.4%.
Write to Adam Clark at adam.clark@barrons.com
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