The Bitcoin price (BTC/USD) has dropped to an 11-day low amid a larger cryptocurrency downtrend that has affected many digital coins in the past 24 hours.
The original cryptocurrency had a relatively quiet morning session yesterday, with its price mostly hovering around the $11,350 mark. However, after dropping below the $11,300 level in late morning trading, the digital coin started moving on a downward trajectory, which led to its first fall below $11,000 in eight days. The coin fell to as low as $10,830.33, before finishing the session at $10,895.83, well below its opening price of $11,385.05.
BTC has seen further losses Wednesday. Having been on a steady decline since the start of the session, the coin is currently hovering just below the $10,600 mark. According to data from digital currency tracker Coinmarketcap, this is Bitcoin’s lowest price level since August 3.
Broader downtrend
The broader digital currency market has largely followed a similar downtrend, although some coins have managed to resist the selling pressure. The oldest BTC offshoot, Bitcoin Cash (BCH), is the best performer in the crypto top 10, having gained 4% in the past 24 hours. Bitcoin SV (BSV), the coin that split off from the BCH blockchain last November, has also amassed solid gains. Meanwhile, the privacy-focused coin Monero (XMR) has dropped out of the top 10, as a result of its value decreasing by more than 7% over that period. Bitcoin and Binance Coin (BNB) have been among the other notable losers.
In today’s trading, the Bitcoin price stood at $10,598.73, as of 09:09 BST. The digital currency has lost 6.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $189.4 billion, which represents 67.5% of the combined value of all digital currencies.
Featured image: chanchai howharn / Shutterstock.com
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