Cryptocurrency Update: After starting off with a bash amid the festive season this week, Bitcoin prices have been falling for the past two days even as the festivities continue to go on. On Wednesday, December 29, Bitcoin price had fallen below the $48,000 mark. This was on the contrary from two days back when the prices of the world’s largest cryptocurrency had risen above the $50,000 levels after a constant fall marked by fears of the new Covid-19 variant — Omicron. Wednesday’s situation in the cryptocurrency market rose as investors booked profits in the newly discovered investment class. All the top 10 crypto coins, barring Tether, continued to bleed on Wednesday as they pushed the crypto market cap lower.
At the time of writing this article, the price of one Bitcoin was trading at $47,629.17, data from global crypto tracking website CoinMarketCap showed. This was down by 3.17 per cent over the last 24 hours and by 3.10 per cent over the last seven days, as per data. The prices of Bitcoin have been constantly declining over the past week, seldom crossing the $50,000 mark amid a number of reasons, including the scare induced by the newly discovered Omicron variant of Covid-19. “Bitcoin’s dominance is currently 40.21%, an increase of 0.08% over the day,” said CoinMarketCap in a note on its website.
Ether prices, too, were down on Wednesday, hovering just above the $3,700 mark. The price of one Ether or Ethereum coin at the time of writing this article was $3,787.83, according to data. This was down by 3.24 per cent over the last 24 hours and by 6.01 per cent over the last seven days.