Bitcoin price (BTC/USD) edges higher on Wednesday morning

The cryptocurrency market enjoys rare period of relief

Bitcoin price (BTC/USD) edges higher on Wednesday morning

Bitcoin (BTC) is enjoying a rare breather at the moment, with its price having advanced steadily since the start of today’s session.

Having fallen below $5,000 on Monday, Bitcoin had to endure more negative price action on Tuesday, with its price falling below the $4,400 mark during the morning portion of the session. The afternoon brought some relief to the market, as Bitcoin and most of its cryptocurrency peers showed signs that they might be entering recovery mode. Bitcoin, in particular, saw a significant uptick that propelled its price above the $4,800 level. However, the coin lacked the momentum to overcome the predominant bearish sentiment. BTC experienced a sharp pull-back in late trading, tumbling down to $4,272.11, which was its lowest price level since October 5, 2017. The coin finished the session at $4,451.87, down from its opening level of $4,863.93.

Bitcoin has enjoyed a more positive start to today’s trading. The coin has been advancing slowly, but steadily since the beginning of the session and is now looking to retake the $4,700 level. At the time of writing, the Bitcoin price was hovering around $4,640, according to data from digital currency tracker Coinmarketcap.

The wider digital currency market has also found some respite, although at the moment it is too early to tell whether this is the start of an actual recovery. Still, most major digital coins, including Ripple (XRP), Ethereum (ETH) and Bitcoin Cash (BCH) are posting solid gains for the most recent 24-hour period. The value of the crypto market has risen to $151.5 billion, up from its Tuesday low of $140.4 billion.

In today’s trading, the Bitcoin price stood at $4,636.64, as of 10:00 GMT. The coin has gained 3.3% in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $80.6 billion, which represents 53.2% of the combined value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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