Bitcoin and altcoin prices stablise after heady week

Price of bitcoin and other cryptocurrencies steadies on Thursday

A pile of crypto coins                                 

The price of bitcoin was trading up around 16.6% at $33.999 on Thursday afternoon (15.35 UTC+1) having steadied from Tuesday's low after a nine-day fall.

The crytpocurrency's relative stability was reflected in the price of ether (Ethereum), up 13.8% from Tuesday at $1,967, with dogecoin up 40.6% at $0.24, according to figures from CoinMarketCap.

Bitcoin's price appeared to have been bolstered by the news Paraguay may follow El Salvador and adopt bitcoin as legal tender.

Bitcoin's fall and rise

It's been a nail-biting week for bitcoin investors. On Tuesday the coin's value fell below $30,000 and at one point was trading close to its 30 December 2020 value of $28,990 – the fall wiped out all gains made during 2021. 

Even so, Bitcoin still remains 50% off its record high of almost $65,000 in April. This week's sell-off followed the Chinese government's crackdown that closed bitcoin mining projects in the south-west province of Sichuan.

Cardano – one to watch

One coin that appeared to be benefiting from investor enthusiasm was Cardano (ADA), up 34% on Tuesday at $1.34. Its price slid to a  low of $1.00 earlier in the week, mirroring April's low.

The coin has been dubbed an "Ethereum killer" having been created by Ethereum's founder Charles Hoskinson.

Marcus de Mario, founder and CEO of Investment Mastery, says over the longer term Cardano, might be the coin to watch, but he warned  investors must still be prepared to lose all their money.

He says: "It [Cardano] has already signed agreements with African states where 100 million Africans will use the platform.

"And that is just the beginning. My only worry is that it does everything slowly, so while I am sure that more growth is coming, it might not manage to achieve it all this year."

Further reading: Cryptocurrency sell-off continues

Further reading: Commodities struggle after Thursday sell-off

Further reading: Bitcoin rallies after dipping below $30,000

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