The Bitcoin price (BTC/USD) has declined by nearly $2,000 over the past 24 hours as a result of a major correction felt across the entire cryptocurrency market.
The original cryptocurrency enjoyed some strong price action during most of the Wednesday session, as it soared to levels not seen since early 2018. First, the coin surged past the $12,000 mark during morning trading and sent a clear signal that it was on its way to challenge the next major barrier at $13,000. The coin managed to capture that level in the afternoon, following another big surge that lifted its price to $13,796.49 – the coin’s highest price level since January 16, 2018. However, this was followed by a sharp correction that erased much of BTC’s earlier gains. The coin finished the session at $13,016.23, up from its opening price of $11,778.58.
Following yesterday’s correction, Bitcoin has declined further in today’s trading and has even dropped below the $12,000 mark. At the time of writing, the Bitcoin price was hovering around the $11,900, having fallen to as low as $11,500 earlier in the session.
The correction has also been felt across the wider cryptocurrency market, with major altcoins including XRP, EOS, Bitcoin Cash (BCH) and Litecoin (LTC) having seen double-digit-percentage losses over the most recent 24-hour period. The second-largest digital currency, Ether (ETH) is now trading at just above $300, down from its Wednesday high of $361.40.
Even with the recent correction, Bitcoin seems to be on its way for a fifth consecutive monthly gain. At current price levels, is up more than 37% so far this month.
Recent developments such as Facebook’s plan to launch its own cryptocurrency, as well as growing geopolitical tensions, have helped the crypto market make a turnaround after a disastrous 2018. Jim Reid, Deutsche Bank’s multi-asset analyst, wrote in a note to clients that the “scale of the recent appreciation is striking”.
“Obviously recent dovishness from central banks has seen investors look towards alternative currencies, but perhaps Facebook’s unveiling of its Libra currency has seen investors look again at cryptocurrencies with fresh eyes,” Reid wrote, as quoted by CNBC.
In today’s trading, the Bitcoin price stood at $11,937.97, as of 11:09 BST. The digital coin has lost 5% of its value in the past 24 hours, according to data from Coinmarketcap. The coin’s total market capitalisation currently stands at $212.3 billion, which represents 62.7% of the combined value of all digital currencies.
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