The Bitcoin price (BTC/USD) has continued to decline on Wednesday, following a downward trend affecting the wider cryptocurrency market.
According to data from digital currency tracker Coinmarketcap, the original cryptocurrency has lost around 5% in the past 24 hours. Most of these losses were incurred during yesterday’s session, which saw the Bitcoin price opening at an intraday high of $11,500.10 and then gradually descending to a close of $10,779.90.
Bitcoin has further extended its losses since the start of today’s session. After hitting a nine-day low of $10,510.00 earlier today, the Bitcoin price is now hovering around $10,560.
Bitcoin’s performance in recent weeks indicates that the cryptocurrency needs to find new catalysts for further growth. Last week, DataTrek Research co-founder Nick Colas told CNBC that for another breakout to happen, Bitcoin would need to be adopted as payment method by a major retailer such as Amazon. Right now, price volatility and underdeveloped technology is a roadblock, he told the business news outlet.
Having support from a major retailer could certainly help Bitcoin, not only by boosting its price, but also by giving people more reasons to use the cryptocurrency. Recent data shows that Bitcoin transaction fees have seen a dramatic decrease since their December peak. However, this decrease may have been partly driven by lower transaction volumes. According to data from Blockchain.info, in December, the number of BTC transactions averaged 400,000 per day, compared to around 200,000 a day in February.
In today’s trading, the Bitcoin price stood at $10,562.50, as of 11:03 GMT. The digital coin has lost 5% in the past 24 hour, according to Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.