Bitcoin dropped by 3.81% to trade at $47,062.51 in the early hours of Friday after witnessing a surge earlier on Thursday.
This is as lower trading volumes and measures to control inflation add to signals that bitcoin and other digital assets could be headed back to reckoning.
The global cryptocurrency market cap on Thursday is $2.38 trillion, which is a 3.7% increase in the last 24 hours, as per CoinGecko.
While the total cryptocurrency trading volume in the last day is at $132 billion, Bitcoin dominance is at 38.8%, with Ethereum dominance at 20.2%, according to CoinGecko.
Market analysts remained positive about the cryptocurrency market. The cryptocurrency market showed signs of bouncing back from the support levels initially during the session. However, we saw bears gaining activity and managing to hold the markets from moving higher.
Meanwhile, Ethereum, the world’s second largest cryptocurrency by market capitalization, was down by 3.72% to trade at $3,885.05.
