Bitcoin price (BTC/USD) pulls back after hitting new 2019 high above $5,600

on Apr 24, 2019
Updated: Sep 18, 2019

The Bitcoin price (BTC/USD) has pulled back from five-month highs amid a larger corrective trend affecting most major digital coins.

The original cryptocurrency enjoyed some stellar trading yesterday, following an early price jump that allowed it to break above the $5,500 mark for the first time since November 19. The coin rose to as high as $5,633.80 during the afternoon session, before finishing the day at $5,572.36. This was well above the coin’s opening price of $5,399.37.

Bitcoin enjoyed a solid start to today’s trading, with its price rising to an over-five-month high of $5,641.36 during the opening hours of the session. However, the coin has seen a significant pull-back in more recent trading, retreating to sub-$5,500 levels. At the time of writing, the Bitcoin price was hovering around the $5,460 mark, according to data from digital currency tracker Coinmarketcap. Meanwhile, the coin’s 24-hour trading volume currently stands at $16.2 billion, slightly higher than the $15.9 billion that were generated during the Tuesday session.

Bitcoin’s decline coincides with a larger downtrend observed across the broader cryptocurrency market. In fact, the original cryptocurrency is showing greater resilience than most of its chief crypto rivals. Major altcoins, such as Ethereum (ETH), Ripple (XRP) and EOS have lost 6% or more of their respective values over the past 24 hours. Having lost nearly 10% over that period, Bitcoin Cash (BCH) is currently the worst performing digital coin in the crypto top 10. Because of the altcoin slump, the Bitcoin dominance, the indicator that tracks BTC’s share of the overall crypto market cap, has risen to 54.7%.

In today’s trading, the Bitcoin price stood at $5,450.13, as of 12:23 BST. The digital coin has lost 2.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $96.2 billion.

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