Bitcoin price (BTC/USD) falls as frequent fluctuations hinder performance

The Bitcoin price (BTC/USD) has seen some challenging trading over the past 24 hours.

The original cryptocurrency had a rough morning session yesterday, with its price swinging between gains and losses. While the digital coin had its moments during that period, including a spike to an intraday high of $3,669.75, its performance appeared rather underwhelming. The situation got even worse in the afternoon, which Bitcoin spend in the negative territory. The coin eventually finished the session at $3,632.07, down from its opening level of $3,653.60.

Bitcoin has continued to struggle in today’s morning session, which has so far been marked by frequent price fluctuations. The coin experienced a drops to the $3,609 mark earlier, but then immediately jumped to an intraday high of $3,646.26. The coin’s price has somewhat calmed down in more recent trading and is currently hovering around the $3,620 mark.

While there are over 2,000 digital currencies in existence, Bitcoin is by far the most popular and arguably the most important crypto asset. At current price levels, BTC accounts for 52.7% of the combined value of all digital currencies.

According to Barry Silbert, founder and chief executive officer of Digital Currency Group and Grayscale Investments, altcoins does not pose a significant threat to Bitcoin’s dominance. In a recent interview with CNBC, Silbert said that he wasn’t “a believer in the vast majority of digital tokens” and believed that “most will go to zero”. At the same time, he said that he was “as bullish as he has ever been” on BTC, adding that despite the “really ugly technical chart” the coin had seen, there was still a high level of interest from institutional investors.

“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert also said, as quoted by CNBC.

In today’s trading, Bitcoin price stood at $3,620.79, as of 10:19 GMT. The digital coin has lost 0.5% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap.