Bitcoin’s shaky October extended into the first week of November, as the broader outlook for crypto appears to be souring. On Tuesday, Bitcoin’s price dipped about 21% since its all-time high last month to roughly $99,000, while other cryptocurrencies fell even more sharply. And while Bitcoin has since clawed back over the key psychological $100,000 mark, some think the crypto sector’s remarkable run may be over for the time being.
The declines for Bitcoin and for other cryptocurrencies have been especially sharp over the past week. As of Thursday, Bitcoin slightly recovered to just under $103,000 but is still down roughly 5% in the last week. Ethereum is down roughly 12% to just under $3,372, and Solana is down about 19% to just under $158 during that time.
Ethereum and Solana—the most prominent non-Bitcoin currencies known as alt-coins—hit record prices earlier in the year but have come down significantly. The former has plummeted roughly 30% since August, while the latter is down about 41% since January.
Bitcoin boosters like to tout the asset as an independent gold-like store of value but, as it has in the past, the price has softened along with the rest of the economy. In the last week, the crypto market’s stumble has coincided with uncertainty over the Federal Reserve’s direction, and a decline in the S&P 500.
