Bitcoin drops below $50,000
The cryptocurrency bitcoin fell below $50,000 a unit during trading on Tuesday, which some analysts see as the basis for assessing the prospects for the world's largest digital currency over the next year.
And Bloomberg News Agency reported that Bitcoin fell today by 4.5%, as it was trading at a price of 49.3 thousand dollars per unit as of 8:40 am New York time.
The price of Ether, the world's second largest digital currency, and the Bloomberg Galaxy Cryptocurrency Index have also fallen by more than 3% today.
Smaller currencies such as Solana, Cardano and Polkadot lost some of their gains today, according to CoinGeco, which tracks the crypto market.
Yesterday, Bitcoin rose 1.5% to $51,575 per unit, while the price of Ether rose 0.4% to about $4,100 per unit.
“There is no doubt that Bitcoin's dominance of the cryptocurrency market has fallen off lately... I think it's because some investors want to go after the newer things," said Matt Milley, chief market analyst at Miller Tabac Plus Co.
Meanwhile, gaining momentum for these altcoins is not a new development, with many cryptocurrencies apart from a few, recording strong activity this year as cryptocurrency economies have expanded this year and attention shifted towards other areas of the market.
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