The Bitcoin price (BTC/USD) has managed to reclaim the $11,000 level thanks to a steady rally that started developing during yesterday’s afternoon trading.
The original cryptocurrency saw a big downswing during yesterday’s morning session, as its price dropped below the $10,000 mark for the first time since June 21. However, after falling to an intraday low of $9,737.88 in late morning trading, the digital currency managed to turn the tide in the afternoon and was able to return to the positive territory by the end of the session. BTC finished the session at $10,801.68, up from its opening price of $10,588.68.
The digital coin continued its steady advance during the early hours of today’s session, which allowed it to recapture the $11,000 level. The coin rose to as high as $11,522.89 during that period, but it has pulled back to lower levels in more recent trading. At the time of writing, the Bitcoin price was hovering around the $11,060 level, according to data from digital currency tracker Coinmarketcap.
Bitcoin has seen high price volatility in recent days, especially after the announcement of Facebook’s Libra cryptocurrency project. The social media giant confirmed that it was moving into crypto on June 18, which triggered a strong cryptocurrency rally that reached its peak last Wednesday, when the Bitcoin price surged to a near 18-month high of $13,796.49. The steep correction that has subsequently been observed, has been viewed by some experts as a positive development for the crypto space. EToro’s senior markets analyst Mati Greenspan recently described the development as “a bucket of ice water that was dumped on the anxious crypto market, which was indeed getting a bit too hot”.
In today’s trading, the Bitcoin price stood at $11,065.05, as of 10:25 BST. The digital coin has gained 9.4% in the past 24 hours. The coin’s total market capitalisation currently stands at $196.9 billion, which represents 61.8% of the combined value of all digital currencies.
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