Cryptocurrency
Cryptocurrency
Bitcoin price (BTC/USD) remains below $8,000 after Sunday decline
The Bitcoin price (BTC/USD) has seen significant price movements over the past couple of sessions. The digital coin opened the Saturday session at 8,036.77, having topped the $8,000 mark on Friday. After a relatively stable morning session, however, the coin’s performance worsened on Saturday afternoon, with its price pulling back to an intraday low of $7,837.61. BTC eventually closed the session at $7,954.13.
Having failed to defend the $8,000 mark on Saturday, BTC spent the better part of the following session moving on a downward trajectory. The coin hit an intraday low of $7,583.22 during the final hours of the session and eventually finished the day at $7,688.08.
Bitcoin has continued to struggle during today’s morning trading. While the coin has seen some positive price action since the start of the session, it hasn’t been able to gain enough momentum to fully recover from its Sunday slump. BTC rose to as high as $7,760 earlier today, but has since pulled back to lower levels. At the time of writing, the Bitcoin price was hovering around the level of its Sunday close.
Bitcoin has struggled quite a bit since the start of the month, as the bullish momentum has seemingly waned following a very successful May. Last month’s investor excitement, which led to a 60% monthly price gain for BTC, was illustrated by the significant boost in trading activity the coin experienced.
Industry website Coindesk last week reported that the largest US crypto exchange, Coinbase, has posted its highest BTC trading volume in 14 months in May. Citing data from Bitcoinity, the online publication said that some the trade of 738,959.42 BTC tokens had changed hands on Coinbase during that month.
In today’s trading, the Bitcoin price stood at $7,695.76, as of11:48 BST. The digital coin has lost 2.7% of its value in the past 24 hours. Its total market capitalisation currently stands at $136.6 billion which represents 55.7% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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