The Bitcoin price (BTC/USD) has remained relatively stable, even though the rest of the market has seen a significant pull-back from yesterday’s highs.
The original cryptocurrency spent the better part of yesterday’s session defending earlier gains. The digital currency market had surged on Tuesday, helping Bitcoin to break above the $7,000 level for the first time in more than a month. Having closed the Tuesday session at $7,321.04, Bitcoin managed to post further gains on Wednesday, though its advance was hindered by choppy trading. While the digital coin hit a five-and-a-half-week high of $7,534.99 in the afternoon, it experienced a sharp pull-back in subsequent trading, with its price dropping below the $7,300 mark. Still, Bitcoin was able to rebound in the final hours of the session and finished the day at $7,370.78.
While Bitcoin has edged lower today, it has been relatively stable since the start of the session. At the time of writing, the Bitcoin price was hovering around $7,350, according to data from digital currency tracker Coinmarketcap.
Bitcoin has shown more resilience than crypto peers like Ethereum (ETH), Ripple (XRP), EOS and others, which have seen steeper pull-backs in the past 24 hours. The coin has remained comfortably above the $7,000 mark and, according to Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, its rally might have enough fuel to go all the way up to $8,000, “where there is a lot more resistance”.
In today’s trading, the Bitcoin price stood at $7,349.63, as of 08:08 BST. The digital coin has lost 1.1% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at just over $126 billion, which represents 43.7% of the total value of all digital currencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.