Bitcoin and other cryptocurrency prices continued seesawing on Sunday (Dec. 5), with overall values near all-time lows and the world’s most popular eCurrency — bitcoin — holding below $50,000.
After an all-time high of $68,990.90 on Nov. 10, prices hovered below $60,000 and stayed there, according to multiple reports. Bitcoin’s price drop comes after a stock market selloff in the tech industry that pushed major U.S. indexes into a downward spiral and sent Treasury yields falling.
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Matt Maley, the equity strategist at Miller Tabak, told CNBC that bitcoin and other crypto trading tends to wane over the weekend.
“The Bitcoin market tends to be much more ‘thin’ on the weekends, so that probably exacerbated the decline. Once the dust had settled, the buyer came back in and it stabilized,” Maley said, adding that hoovering below $50,000 is a notable price stabilization for bitcoin.
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Prices for bitcoin are now about 30 percent below the near highs of $69,000 in November.
“Bitcoin is in ‘no man’s land’ right now, and that does not seem to be changing anytime soon,” Ed Moya, senior market analyst at Oanda, told CNBC. “The long-term bullish case remains intact, but prices seem poised to consolidate between $52,000 and $60,000.”
Ether, the second-largest cryptocurrency by market value worldwide, leveled off on Sunday (Dec. 5) up 1.5 percent to $4,176, following a 16 percent drop overnight Friday through Saturday morning.
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Overall, the global cryptocurrency market valuation is bouncing back since its weekend plunge — though still down 1.4 percent Sunday afternoon EST. Coinbase reports that the meme token market capitalization also slid 12.6 percent to $47.2 billion.
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