Bitcoin Loses Grip in Climb Up as Ethereum Surges
Bitcoin slipped a bit on Sunday, stalling around $56,780 as it continued to try to climb back up, after falling hard in late April. Ethereum, another cryptocurrency, meanwhile surged higher, getting closer to reaching $3,000.
By Sunday evening, Bitcoin was still a ways off from the cryptocurrency’s April high when it punched past $64,000. But it was around 13% higher than where the coin sat at the same time a week ago, when it tumbled below $48,000 for a time. Bitcoin was down more than 1% on the day Sunday.
Ethereum, however, shot up more than 34% in the past seven days, hitting $2,974.53 on Sunday evening, according to CoinGecko. That’s a huge gain over one year ago, when it was $214.25 to the dollar.
Other cryptos gained, as well. Binance Coin reached $623, up around 25% in a week, while Dogecoin — of Elon Musk tweet fame — has rose to nearly 39 cents, up nearly 44%.
The volatility is expected in cryptos — including bitcoin, the most highly valued one by far. But bitcoin’s ride up over the past year or so has been dramatic.
For comparison, on March 13, 2020, bitcoin had crashed 40% intraday to $5,413, according to a report by CoinGecko, one of the largest independent cryptocurrency data aggregators.
Bitcoin’s fall over late April came after many calls for it to keep rising, and some forecasting that it would hit $100,000 at some point.
“There was already a massive amount of leverage in the market in anticipation of the Coinbase” listing, Bobby Ong, CoinGecko’s chief operating officer, had told TheStreet late April. But further exacerbating the April selloff was its occurrence during a weekend when there were thinner order books, added Ong.