Bitcoin’s slide from record highs is a warning for crypto investors – CNN

Bitcoin’s slide from record highs is a warning for crypto investors – CNN

The price of one bitcoin fell more than 5% Wednesday and was trading around $59,000, 12% below last week’s record levels. For any other asset, like a stock or bond, a drop that steep in such a short time would be considered a market correction.
For bitcoin, it’s just business as usual. Crypto investors have come to accept that bitcoin is volatile.
Despite more than 13,000 cryptocurrencies listed on CoinMarketCap — ranging from dogecoin and shiba inu to more obscure tokens with even goofier names, such as Elon’s Marvin, Dogelon Mars, Baby Floki Billionaire and Kitty Inu…(because cat lovers own crypto too) — bitcoin remains the dominant digital currency.
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The total number of bitcoins now in circulation have a market value of $1.1 trillion. That’s nearly half of the size of the entire crypto market, which is valued at $2.47 trillion.
Ethereum, sort of the Pepsi to bitcoin’s Coke, is worth about $475 billion. All the other cryptos are worth significantly less than bitcoin and ether.