Bitcoin retreats from 5-month high on another corrective wave

Bitcoin fell in spot trading on Thursday, to resume its losses for the second day in a row, with the continuation of the corrective wave and profit taking processes that dominates the crypto market currently, to fall from the highest level in five months, as the corrective wave is a healthy trend for the current crypto market bull run, which has dominated the world's largest cryptocurrency trading since the beginning of this month, as prices are still likely to rise to $6,000, under the positive atmosphere that surrounds  the market.

As of 08:29 GMT, on Bitstamp Stock Exchange, Bitcoin is trading around $5,425, down by $15 or by 0.3%, from the opening price of $5,440, with a high of $5,460 and a low of $5,394.

Yesterday, Bitcoin lost 1.6%, its first daily loss in three days, after recording the highest level in five months at $5,627 per unit earlier in the day.

Whilst, the market value of cryptocurrencies fell about $1 billion to $176 billion on Thursday, with most of the major currency prices on the market slightly falling.

Tuesday's market value was $186 billion, which the highest level since November.

Despite the decline in the Bitcoin prices over the last 48 hours, the dominance of the largest cryptocurrency in the world is allowing it to trade in the crypto market at the highest levels in 2019, as it recorded yesterday's level of 54.8%, the highest since December, and is stable today at 54.6% .

The price of the world's largest cryptocurrency "Bitcoin" is currently declining as a result of corrective and profit-taking activity, but prices remain strongly expected to climb up to $6,000, with the positive atmosphere that dominates the market.

Most experts expect the recovery to be long this time, and that each high level will bring in a huge supply, leading to a correction of the market that may intermittently achieve getting rid of the weak positions.

Bitcoin rose more than 32% since the beginning of this month, about to hit the third consecutive monthly gain, and the largest monthly gain since April 2018.

South Korea's Samsung Electronics is currently developing an Ethereum-based blockchain along with its own cryptocurrency, the Samsung Coin, according to reports.

Ledger, the developer of hardware-based cryptocurrency portfolios, has secured investments worth 2.6 million euros from Samsung without revealing details of the deal.

The Bitfury platform has received an approval from Liechtenstein for the creation of a dedicated mining fund for institutional investors, giving the fund an opportunity for enterprises to invest in an interesting world of Bitcoin mining.