The cryptocurrency market is seeing big price drops, especially with Bitcoin (BTC) and other altcoins. Currently, Bitcoin is priced at $92,492.56, showing a 2% drop in the last 24 hours.
Bitcoin hit a daily high of $95,110, then quickly fell to $92,234 before bouncing back a bit. Even with the recent ups and downs, Bitcoin has had a great year, hitting all-time highs in March and December, going over $100,000.
More than 740 new exchange-traded funds (ETFs) have been introduced in the market, with spot Bitcoin ETFs drawing significant investments, especially from big names like BlackRock and Fidelity.
Investors worry about what Bitcoin’s price drop means since altcoins usually follow Bitcoin’s movements. Analysts at Matrixport believe that past trends and other factors might show a possible recovery for Bitcoin next year.
MicroStrategy has increased its Bitcoin holdings to 446,400 BTC after buying an extra 2,138 BTC for $209 million. The company has bought Bitcoin for eight weeks in a row, spending about $27.9 billion at an average price of $62,428.
