The Bitcoin price (BTC/USD) has seen a steep correction after breaking above the $13,000 mark in Wednesday trading.
The original cryptocurrency spent the better part of yesterday’s session moving on an upward trajectory, which allowed the coin to rise above the $13,000 mark for the first time since June 27. The coin rose to as high as $13,129.53 in the early afternoon and at that point a rally to challenge BTC’s 2019 high of $13,796.49 seemed likely. However, Bitcoin experienced a sharp decline in the latter stage of the session, with its price dropping to as low as $11,710.98. Bitcoin eventually finished the day at $12,156.51, well below its opening level of $12,571.54.
Bitcoin continued to decline during today’s early trading, when its price reached a four-day low of $11,365.47. The coin seems to have weathered the storm in more recent trading and is currently hovering around the $11,500 mark, according to data from digital currency tracker Coinmarketcap.
The wider cryptocurrency market has also been affected by the downswing, with all major altcoins in the crypto top 10 having seen double-digit-percentage losses over the past 24 hours. EOS, Bitcoin SV (BSV) and Bitcoin Cash (BCH) has been the worst performing top 10 coins, having lost 20.1%, 18.7% and 18.5%, respectively.
Regarding Bitcoin’s drop, Mati Greenspan, senior market analyst at eToro, told CNBC that “[i]t seems that the market wasn’t ready to break a fresh highs just yet”. He also noted that BTC “is now back near the low end of its most recent range” of $10,000 to $14,000”.
In today’s trading, the Bitcoin price stood at $11,483.34, as of 10:31 BST. The digital currency has lost 11.3% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $204.5 billion, which represents 65.4% of the combined value of all digital currencies.
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