Bitcoin Had a Roller Coaster Ride. Why the Crypto Is Pulling Back Now. -- Barrons.com

Dow Jones11-15 18:20

By Elsa Ohlen

The price of Bitcoin fell back to trade below $90,000 early Friday.

Bitcoin is down 3.7% over the past 24 hours to $87,695. It hit a record high Wednesday to trade over $93,00 before retreating back some.

"We're seeing some profit-taking in crypto today, with Bitcoin down 4.9% after its blistering run-up," market strategist Louis Navellier said late Thursday.

Bitcoin and other cryptocurrencies have rallied since it became clear that President elect Donald Trump would win a second term in the White House. Trump is considered friendly toward crypto and easing crypto regulations and has said he wants to create a Bitcoin Strategic Reserve, among other things.

While Bitcoin is the largest and oldest digital coin, other cryptos like Dogecoin have also outperformed since the election.

"At these levels [of Bitcoin price], more and more crypto enthusiasts are switching to looking for interesting altcoins as they lock in profits in the first cryptocurrency. The easiest choice is Dogecoin, which has gained over 200% from the lows of November 3rd to the present, " said FxPro analyst Alex Kuptsikevich.

Dogecoin price has fallen 7.5% over the past 24 hours and traded at $0.37 in the early hours of Friday.

Bitcoin still has about 60% share of the total crypto market capitalization, according to Kuptsikevich.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

November 15, 2024 05:20 ET (10:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It hit a record high Wednesday to trade over $93,00 before retreating back some. \n\n\n     \"We're seeing some profit-taking in crypto today, with Bitcoin down 4.9% after its blistering run-up,\" market strategist Louis Navellier said late Thursday. \n\n\n     Bitcoin and other cryptocurrencies have rallied since it became clear that President elect Donald Trump would win a second term in the White House. Trump is considered friendly toward crypto and easing crypto regulations and has said he wants to create a Bitcoin Strategic Reserve, among other things. \n\n\n     While Bitcoin is the largest and oldest digital coin, other cryptos like Dogecoin have also outperformed since the election. \n\n\n     \"At these levels [of Bitcoin price], more and more crypto enthusiasts are switching to looking for interesting altcoins as they lock in profits in the first cryptocurrency. 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