Bitcoin ends a bleak 2022 for cryptocurrencies, as it clings to $16,000

Cryptocurrencies have experienced a bleak year and a 2022 they´d rather forget. In recent sessions, Bitcoin has not managed to recover and has clung to the level of $16,000, being unable to reach the area of $17,000 where its resistance is placed.

So far in 2022, the cryptocurrency par excellence has plummeted approximately 65% and accumulates losses of more than 76% compared to its last all-time high in November 2021.

The truth is that 2022 will be remembered as a dark period for those who invested their trust and money in the cryptocurrency market, since the value of almost all digital assets has plunged.

Bitcoin´s price retains $16,500 on Friday, but the risk of new lows does not disappear. "Bitcoin is still floating along merrily and watching the storm pass," stated Craig Erlam, senior market analyst UK and EMEA at Oanda. The cryptocurrency is trading in a range between $16,000 and $17,000. "That's generally been the case for the past two weeks and it doesn't look like it's going to change in the next few days, barring any unexpected headlines," Erlam added.

In other cryptocurrencies news, Solana has pared its losses after falling to its lowest level since February 2021, but still trades 97% below its November 2021 high. Meanwhile, Ethereum, the second most popular cryptocurrency, has risen to $1,201.