Bitcoin Dips As Investors Move To Smaller Crypto Assets

On Thursday morning, major cryptocurrencies slumped as bitcoin continued to hover under the key level of $50,000 amid concerns surrounding the new Omicron variant of coronavirus.

Bitcoin was down 1.8% to trade at $48,310. Earlier in the week, the price of bitcoin had surged, passing $49,000 but failing to reach the key level of $50,000. Furthermore, bitcoin is currently down around 30% from its all-time high of roughly $68,000, which it hit in November.

Meanwhile, ethereum, the second-largest crypto by market cap, dropped 2.6% and was trading at $3,917. 

It appears that investors are instead moving their focus to smaller crypto assets, with cryptocurrencies such as ripple, cardano, polkadot, dogecoin, and shiba inu increasing by 1 to 5%. 

Speaking to Yahoo Finance, Kalkine Group CEO Kunal Sawhney said, “Cryptocurrencies have remained turbulent in the recent past with the most populous crypto-asset bitcoin continuing to hover below the mark of $50,000.”

The persisting uncertainty in financial markets have severely dismantled the growth prospects for most risky assets including some of the tech stocks and cryptocurrencies,” Sawhney added.

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