By Bitcoin and other cryptocurrencies experienced a slight decline on Friday, causing a minor setback in the recent surge of the sector. Over the past 24 hours, Bitcoin’s value decreased by 0.8%, reaching $42,692. Although the largest cryptocurrency has mostly traded within the range of $41,000 to $44,000 since early December, it has more than doubled in value this year.
Despite this temporary setback, Bitcoin is expected to finish the year at its highest levels since April 2022. This is due to the anticipation surrounding the approval of exchange-traded funds that will hold the digital currency.
According to Diego Morin, a market analyst at IG, the cryptocurrency market has experienced a positive balance in 2023 after the challenges faced in 2022. He stated, “The market capitalization of cryptocurrencies has increased by over 95% this year.”
In addition to Bitcoin’s minor decline, other cryptocurrencies also saw fluctuations in their values. Ethereum, the second largest cryptocurrency, fell by 1.3% to $2,363. Furthermore, Cardano experienced a decline of 4.2%, while Solana saw an increase of 4.7%. Dogecoin also fell by 1.4%.
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