Bitcoin slumped on Saturday following a flat week where the leading cryptocurrency was outshone by precious metals and the stock market.
The biggest and oldest digital coin was trading for close to $87,404 per coin on Saturday morning New York time, down by nearly 2% over a 24-hour period.
Over the past seven days, Bitcoin has dipped by close to 1%. And over the past month, the asset is down by 4%.
Ethereum, meanwhile, was trading lower over the past week, having dropped by more than 2% to nearly $2,927. XRP dropped further over a seven-day period and was priced at $1.85.
Both Ethereum and XRP were trading significantly below their all-time highs — by 41% and 49%, respectively.
Perhaps more disappointing for investors, though, is that while Bitcoin and other major cryptocurrencies have missed out on a “Santa rally,” gold, silver and US equities have touched new highs.
Bitcoin in October broke a new record when it touched $126,080. But investor fatigue and a brutal crash that wiped out a record $19 billion in liquidations has stunted the coin’s rise since then.
The virtual coin and other cryptocurrencies are now down year-to-date; Bitcoin was trading for close to $95,000 on January 1 and continued to surge that month following the inauguration of crypto-friendly president Donald Trump.
Meanwhile, gold, silver and platinum have continued to notch new highs thanks to geopolitical headwinds and as the so-called debasement trade gains momentum.
US stocks, too, have rocketed with both the S&P 500 and the Dow Jones Industrial Average ending at record closing highs on Wednesday. On Friday, the indices were trading slightly lower.
This was supposed to be Bitcoin’s year: President Trump campaigned on a ticket to help the industry and signed landmark digital asset bills after taking office. But a lack of liquidity has not helped the coin.
Still, some analysts are expecting crypto markets to rally in 2026, with expanding central bank balance sheets to fund deficits and provide liquidity to the market.
Other industry observers have also said that Bitcoin’s typical four-year cycle is now over and despite some traders selling on the fear that digital assets will drop in 2026, the asset class is likely to deliver returns next year.
Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.
