In today’s trading session, many cryptocurrencies are getting a slight haircut while Bitcoin holds steady, for the most part, around the $3800 mark.
William Suberg at Cointelegraph illustrates this trend today with an article titled “Bitcoin stabilizes as most top 20 coins see mild losses,” with a neat Edvard-Munch-inspired graphic showing a red chart line.
The article also cites market activity visualized by Coin360 showing that while Bitcoin is only down nearly two tenths of a percent, Ripple and Ethereum are both down over 1% (XRP down 1.15% and ETH down 2.86%).
Suberg also cites the greater market context that today’s crypto activity is happening against.
“Cryptocurrency commentators have sought to debunk the myth that Bitcoin is a correlated asset as stocks posted their worst Christmas Eve on record, only to stage the biggest one-day gains in history Dec. 26.,” he writes.
Other larger coins down today include Litecoin, Bitcoin SV, and Monero.
Meanwhile, Bitcoin seems to be once again holding extremely steady after spiking at $3960 after opening, and then slowly settling like a disappointing soufflé.
What might be concerning many traders is where it’s holding steady at – after sticking right around $6500 for the better part of this year, Bitcoin plunged during the Thanksgiving season to bottom out around that $3800 mark.
Simply speaking, Bitcoin quietly lost around one third of its value after plateauing for so long that antsy traders were looking for any signs of movement.
Now, there are only a few days left in the year – days to look at your positions and consider profit-taking, cutting losses, entry points or other strategic moves. There’s also the idea of restructuring investments for your annual tax filing. Whatever you do, you’ll have to do it soon as we gear up to celebrate New Year’s day.
