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Bitcoin Returns to Rangebound Trading As Price Rollercoaster Subsides
The price of bitcoin saw modest volatility today, a development that follows a particularly strong period of robust gains.
Updated Sep 14, 2021, 1:57 p.m. Published May 30, 2017, 9:05 p.m.
Global bitcoin prices experienced little volatility today – a notable contrast to the sharp fluctuations that have taken place over the last week.
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Overall, the price of bitcoin rose to as much as $2,329.64, before falling more than 5% to $2,218.74 at 15:45 UTC, according to the CoinDesk Bitcoin Price Index (BPI). At the time of report, bitcoin prices had recovered somewhat, rising to $2,245.97.
In comparison, bitcoin prices experienced a notable rally last week, reaching almost $2,800 on 25th May, before plunging more than $400 to almost $2,350 less than four hours later, additional BPI figures show.
This price volatility continued after the sharp drop, as bitcoin recovered to $2,640 early on 26th May before falling once again, this time losing more than $700 and declining below $2,000 on 27th May.
Bitcoin prices bounced back the following day, rising to $2,320.82 at 09:30 UTC on 28th May.
Bitcoin's recent price volatility has coincided with sharp fluctuations in the market capitalization of all public cryptocurrencies, which surged to $91bn on 24th May before plunging 40% to $57.3bn on 27th May.
At press time, this figure has recovered to more than $80bn today, amid strong gains in the price of ether, ether classic and others.
Balancing image via Shutterstock
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BTC's weak tone contrasted with moderate gains in major Asian equity indices, which drew strength mostly from expectations of fiscal stimulus.
What to know:
- Crypto markets continued to decline, with overall capitalization falling below $3 trillion for the third time in a month.
- Large-cap assets, particularly those with ETF exposure, are experiencing selling pressure as institutional investors reassess risk.
- Bitcoin's decline contrasts with gains in major Asian equity indices, which are buoyed by expectations of fiscal stimulus from Beijing.
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