In 2021, bitcoin and ether have seen huge rallies. In April 2021, the cryptocurrency market topped $2 trillion in value for the first time.
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Bitcoin prices dropped sharply in the early morning hours ET Saturday, plunging more than 10% to a low near $43,000.
The world’s most prominent cryptocurrency pared losses subsequently, changing hands at around $47,607. Still, bitcoin has dropped more than 16% in the past 24 hours, according to Coindesk.
The price of ether also dived, dropping more than 10% to a low near $3,500. It came back somewhat afterward, trading near $3,888.
Ether, the world’s second-largest digital coin by market value, has lost more than 14% over the past 24 hours, according to Coindesk.
Both cryptocurrencies have experienced turbulent trade since the omicron Covid variant emerged. On Nov. 26, bitcoin hit a seven-week low close to $54,000, officially entering bear market territory.
Bitcoin is down more than 20% from an all-time high close to $69,000, which it hit in early November. Bear markets are typically defined as a decline of 20% or more from recent highs.