Bitcoin’s (BTC) price has dropped 8% in the past 24 hours and fallen below $63,000 U.S. as a correction grips the entire cryptocurrency market.
The price of Bitcoin is currently trading at $62,900 U.S. as it resumes the slide that began after the leading digital asset hit an all-time high of just under $74,000 U.S. a week ago.
Analysts have been quick to dismiss the current selloff as a short-term event likely prompted by profit-taking among investors.
Bullish analysts point to inflows into spot Bitcoin exchange-traded funds (ETFs) and an upcoming halving event as catalysts that are likely to provide price support over the long-term.
Still, the steep drop in Bitcoin’s price is dragging down smaller cryptocurrencies. Ethereum (ETH), the second-largest crypto by market value, has decreased 9% in the last 24 hours to trade below $3,300 U.S.
Smaller digital tokens and altcoins are also seeing their prices decline.
The price of Bitcoin remains up 43% so far in 2024.
