If you’re asking yourself, “Is Bitcoin a good investment?” Here’s some news for you.
Bitcoin (BTC) was struggling on Friday, pushing toward its lowest levels in more than a month.
The largest cryptocurrency by market capitalization, Bitcoin, traded at $29.206 on Friday morning, a 1% decline in the preceding 24 hours. The digital asset had made some gains after the Federal Reserve’s rate decision on Thursday, but then it gave those gains back as other risk assets also dropped.
Sunday saw Bitcoin falling to the $29.106 mark, which is an even greater drop compared to Friday’s lows.
BTC was nearing its lowest levels since late June, having fallen under the psychologically important level of $30,000 earlier in the previous week.
SynFutures CEO Rachel Lin noted that, unlike earlier occasions where altcoins had suffered larger losses than Bitcoin, they remained steady this time around due to the support of Ethereum as well as other notable altcoins.
So, if you’re wondering, “Is Bitcoin a good investment?” It is when you know when to invest in it.
The overall cryptocurrency market saw a mixed performance on Friday. The second-largest crypto, Ethereum (ETH), fell 0.6% to $1,866, leaving it broadly flat for the month of July so far. Among smaller tokens or altcoins, Cardano (ADA) rose 0.3%, while Polygon (MATIC) lost 2.8%.
Dogecoin saw a sharp decline in price on Wednesday, with the cryptocurrency dropping by 3.5% and giving up gains it had made earlier this week. The fall followed speculation that Elon Musk, CEO of Tesla Motors, might choose Dogecoin as part of his plans to expand his X social-media network (formerly Twitter) to include financial services.