The price of Bitcoin (BTC) has stabilized at roughly $56,000 on Thursday, after fluctuating between $53,000 and $59,000 over the previous several days.
Following last week’s flash collapse, which some experts mistaken for the beginning of a bear market, the price of Bitcoin has remained in limbo, with its price expected to continue to fall in the near term.
Although, as a result of the cryptocurrency’s subsequent recovery, optimistic investors were encouraged that fresh all-time highs were on the horizon. Some analysts are confident that the cryptocurrency will continue its historical tendency of concluding the year on a strong note; however, the crypto market has since lost momentum in either direction.
Currently, the flagship digital asset is trading at $56,757, down marginally 0.63% in the last 24 hours and 1.47% over the previous seven days with a market cap of $1.07 trillion, as per CoinMarketCap statistics.
In spite of the clear losses that have occurred so far, Bitcoin still appears to be on course to end the year at $70,000 per coin, and if this is accomplished, the currency might reach $75,000 in early 2022 before experiencing a major correction.
Notably, certified technical analyst CryptoBirb has stated recently that:
“BTC 7th failed attempt to establish trading over the 59-60k barrier. It’s clueless short term hence it’s just a noise swinging back and forth 56-59k.
Elsewhere, other cryptocurrencies, such as Ethereum (ETH) and Solana (SOL), have both seen significant gains in the previous week, with the latter seeing a roughly 13% increase in value, bringing its market capitalization close to $70 billion.
Meanwhile, Terra (LUNA) has seen the biggest gains over the previous 24 hours out of the top 100 coins by market cap. Currently, LUNA is changing hands at $62.54, up 9.98% on the day and a remarkable 57.17% over the week, bringing its total market cap to $24.3 billion.
Consequently, Terra has reclaimed its 12th ranked position replacing meme coin Shiba Inu (SHIB), which had earlier enjoyed a considerable surge thanks to its uplisting on Kraken cryptocurrency exchange.
SHIB now finds itself 3.8% down on the day, trading at $0.00004296, having been trading as high as $0.00005 as early as Tuesday, although recent data indicates that almost 70% of Shiba Inu holders are in profit.