The cryptocurrency market experienced a landmark year in 2024, with Bitcoin (BTC) spearheading a significant rally that saw many assets reach new all-time highs. Bitcoin itself hit an unprecedented $109,114.88, driven by key events such as the halving earlier in the year and Donald Trump assuming office as the 47th President of the United States.
The crypto community had hoped for BTC to rise, but the market took a different turn. The leading cryptocurrency dropped, falling below the $80,000 mark. Investors who put money in during the early days of the Trump administration might be facing significant losses now.
How High is Bitcoin (BTC) Trading Right Now?
The cryptocurrency market is currently experiencing a downtrend, with most assets being significantly impacted by bearish conditions. Bitcoin, the world’s largest cryptocurrency, has been no exception. At the time of writing, Bitcoin is trading at $81,589.57, reflecting an 8.05% recovery over the past 24 hours. However, despite this short-term rise, Bitcoin is still trading 25.35% below its all-time high of $109,114.88.
This decline becomes even more apparent when looking at Bitcoin’s performance since the start of the year. On January 20, when Trump began his second term as President, Bitcoin was trading at $101,083. Comparing its current price to that figure reveals a 23.67% slump in value since the beginning of the year.
An initial investment of $5,000 in Bitcoin on January 20, 2025, would have bought approximately 0.04946 BTC. At the time, Bitcoin was trading at a higher price, making this a promising buy. However, as of today, that same investment is now worth $4,038, reflecting a decline of $962 or over 19%. This drop is tied to Bitcoin’s price sliding below $82,000.
Despite this downturn, the Bitcoin community remains optimistic about the cryptocurrency’s future. Many are looking toward potential regulatory clarity or positive legislative actions from the U.S. government, which could provide the market with a much-needed boost.
Supporters believe that with such developments, Bitcoin could regain its previous peaks or even move into uncharted price territory. For now, the focus remains on market dynamics and external factors that could influence the performance of the leading cryptocurrency.
Also Read: Pepe or Pi Coin: Which One Will Reach an All-Time High First?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
