Bitcoin has remained stuck in a sideways trading pattern as the year draws to a close. Cryptocurrency investors have opted to secure their profits after a surprisingly prosperous year for digital assets.
Throughout December, BTC/USD has hovered within the range of $41,000 to $43,000, experiencing a 200-point surge yesterday, only to give up half of those gains this morning.
Are the surging prices of Bitcoin finally establishing it as a credible asset?
The Bitcoin price is $43,091.97, a change of 0.87% over the past 24 hours as of 9:43 a.m.
Despite the year-end slowdown, the cryptocurrency has still managed to achieve a remarkable 160% gain year-to-date, signalling a significant recovery from the challenging year it had in 2022.
While Bitcoin bulls had high hopes for a final Santa rally that would push its price beyond $45,000, it appears unlikely due to diminishing trading volumes.
The total market capitalization of all cryptocurrencies combined stands at $1.69 trillion, with Bitcoin maintaining a slightly over 51% share of the market.
