The Bitcoin price (BTC/USD) has edged lower on Wednesday, mirroring a downtrend affecting the wider crypto market.
The original cryptocurrency had another lacklustre session yesterday, as its price remained locked below the $6,400 mark. The digital coin came within striking distance of that level on a couple of occasions in the afternoon, but it only got as high as $6,395.27. Bitcoin eventually closed the session at $6,359.49, down from its opening level of $6,373.19. This was Bitcoin’s lowest close in two weeks.
BTC has continued to struggle in today’s morning trading. Shortly after the start of the session, Bitcoin fell to $6,334.51, which was its lowest price level since November 4. The coin has since experienced multiple price fluctuations, swinging between gains and losses. At the time of writing, the Bitcoin price was hovering around $6,350, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s decline seems to be part of a larger downtrend, observed across the wider cryptocurrency market. Most major digital currencies have seen losses over the past 24 hours, with Stellar (XLM) being the biggest loser in the crypto top ten (with a 24-hour loss of 4.1%). The total crypto market valuation has fallen to $209 billion, down from its Tuesday high of $212.5 billion.
Despite the lacklustre current market, Changpeng Zhao, the chief executive officer of the world’s largest crypto exchange, Binance, believes that the next crypto bull run will happen sooner or later.
“I actually don’t know what’s gonna be the catalyst, but it will happen sooner or later, something will trigger it,” he recently said on CNBC Africa’s TV programme Crypto Trader.
In today’s trading, the Bitcoin price stood at $6,348.71, as of 09:23 GMT. The digital coin has lost 0.2% of its value in the past 24 hours, Coinmarketcap data shows.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.