Bitcoin price (BTC/USD) holds above $3,800 on Wednesday morning

The Bitcoin price (BTC/USD) has seemingly stabilised above the $3,800 mark on Wednesday morning.

The original cryptocurrency had a mostly quiet session on Tuesday, having started the New Year at $3,746.71. However, the late afternoon session was much more eventful, with the coin first tumbling down to an intraday low of $3,707.23, before spiking to as high as $3,850.91 during the final hours of yesterday’s trading. Bitcoin finished the session at $3,8443.52, according to data from digital currency tracker Coinmarketcap.

The coin’s price has been largely stable since the start of today’s trading. Apart from a couple of minor dips, BTC has been hovering around the level of yesterday’s close.

2018 was a difficult year for Bitcoin and the broader crypto currency. The original cryptocurrency ended the year at $3,742.70, having lost more than 73% in the 12 months to December 31, amid increased regulatory pressure, high-profile cyber-attacks against crypto exchanges, a significant cooldown of the ICO market and weakened investor sentiment. With 2019 now under way, crypto supporters hope that the market could make comeback, especially as institutional players start entering the space.

Some analysts believe that big institutional investment would be injected into the crypto market in 2019. Projects such as The Intercontinental Exchange’s crypto company Bakkt suggest that these expectations are not unreasonable.

On  Monday, Bakkt’s chief executive officer Kelly Loeffler announced that the company had completed its first round of funding, raising $182.5 million from 12 partners and investors, “who like us, believe in the future of digital assets. These partners and investors include “Boston Consulting Group, CMT Digital, Eagle Seven, Galaxy Digital, Goldfinch Partners, Alan Howard, Horizons Ventures, Intercontinental Exchange, Microsoft’s venture capital arm, M12, Pantera Capital, PayU, the fintech arm of Naspers, and Protocol Ventures”.

In today’s trading, the Bitcoin price stood at $3,846.33, as of 11:54 GMT. The digital coin has gained 2.1% in the past 24 hours, Coinmarketcap data shows.

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