![]() It’s impossible to assign a single clear cause behind bitcoin’s price action, but here are some possible reasons: Why has the price struggled for most of 2023 ? Generally, bitcoin’s price action reflects wider market trends, with alternative cryptocurrencies known as ‘altcoins’ having a tendency to rise and fall in similar waves.Įthereum, the second-largest cryptocurrency, is also up significantly in the final quarter of the year and is currently trading at a price of around $2200 a coin. The price jumped to a year-to-date high above $44,000 in the first week of December.īitcoin isn’t the only cryptocurrency to be experiencing a tumultuous period. It was stuck in that range for several months until October arrived, which saw a big spike.Įxcitement about bitcoin ETFs being launched by major investment firms and the upcoming ‘halving’ in April 2024 has gathered pace as the year closes. It gradually clawed its way back from the lows to the mid-twenty thousands. The first three quarters of 2023 was a period of stabilisation for bitcoin. It is prone to rising and falling sharply on a daily basis. Why is the price of bitcoin going down?īitcoin is incredibly volatile.So what’s behind bitcoin’s recent price action, and what might the future hold for the market? This year has been one of slow recovery for the most part. The price of bitcoin, the most popular cryptocurrency, dropped below $16,000 in November 2022, a year after it reached a record high of $69,000. We do not promote or encourage any other products such as contract for difference, spread betting, cryptocurrencies or forex.īitcoin has been on a rollercoaster ride over the last few years but things have been looking up as 2023 draws to a close.Īll cryptocurrency is volatile with a track record of “boom and bust” cycles that have left many wondering whether it’s safe to invest. Where we promote an affiliate partner that provides investment products, our promotion is limited to that of their listed stocks & shares investment platform.
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