RIYADH: Bitcoin, the leading cryptocurrency, traded higher on Tuesday, rising by 6.62 percent to $48,886 at 5:16 p.m. Riyadh time, after recording a decline over the past few weeks.
The price is down more than 33 percent from an all-time high on Nov. 10.
Many analysts expected the price of Bitcoin to be very bullish during November and December, and to reach $100,000 by the end of the year.
However, over the past 13 years or more, Bitcoin prices have been bearish in the last two months of the year.
Bitcoin is the electronic alternative to gold, regardless of the short volatility of the cryptocurrency, CoinMENA co-founder Talal Al-Tabbaa said in an interview with Al Arabiya.
With the drop in oil prices and the start of a shutdown due to omicron, the cryptocurrency may emerge as a safe haven for some investors who agree with Al-Tabbaas’ view.
Ether, the second most traded cryptocurrency, traded at $4,006, up 5.72 percent, according to data from Coindesk.
The cryptocurrency market has seen sharp fluctuations this year. Some of them have managed to steal the spotlight with record gains.
Meanwhile, the digital asset XRP has gained more than 10 percent in value over the past week.
This contrasted with the losses by the majority of cryptocurrencies over the same period, according to Bitcoin.com.
XRP represents 1.76 percent of the $2.3 trillion crypto economy, and is up 54 percent since the beginning of the year.
However, its 12-month gain was significantly lower than most of the leading 10 crypto assets.