April saw a value decrease of over 16% for the most popular cryptocurrency globally as investors booked profits on a stunning rise that saw the price leap beyond $70,000.
With a 5.6% decline, bitcoin reached its lowest level since late February. At the last minute, it was down 4.8% at $57,001, while ether saw less severe losses, falling 3.6% at $2,857, the lowest since February.
There is a bear market as the price of bitcoin is currently 22% below its peak of $73,803 that was reached in March. Nevertheless, it has doubled from this time last year and has climbed by 35% so far this year, mostly because to the billions of dollars that have just been put in established exchange-traded funds since January.
“Investors who entered the market during the downturns of 2022 and 2023, as well as ETF investors who witnessed significant price appreciation on their shares after entering the market in the early weeks of 2024, can be held partially responsible for the recent downtrend,” said Matteo Greco, research analyst at Fineqia.
