While the Bitcoin price (BTC/USD) has managed to defend the $8,000 mark it crossed on Tuesday, its rally appears to have run out of steam.
The original cryptocurrency had a quiet trading session yesterday, with its price cooling off after a Tuesday rally that saw it gaining over $700 and reaching a two-month high above $8,400. The digital coin hit an intraday high of $8,416.87 in the early hours of the session, but its performance weakened in subsequent trading, with its price falling to as low as $8,086.36 in the afternoon. While Bitcoin saw a slight uptick in the final hours of the session, it finished the day at $8,181.39, down from its opening level of $8,379.66.
After a slow start, the digital currency has seen some increase in today’s trading, but for now it remains below its recent highs. At the time of writing, the Bitcoin price was hovering around $8,230, according to data from digital currency tracker Coinmarketcap.
According to Spencer Bogart, a partner at Blockchain Capital, Bitcoin is “kind of a tinderbox right now, waiting for reasons to go higher”.
"Any number of catalysts could send bitcoin exploding higher," Bogart said yesterday, as quoted by CNBC.
Some of these catalysts, including Mastercard’s win of a new patent for speeding u blockchain transactions and the possibility of a Bitcoin exchange-traded fund already contributed to Bitcoin’s recent rally. Global trade tension and rising currently rates could also play a role in boosting Bitcoin to even greater highs.
In today’s trading, the Bitcoin price stood at $8,230.08, as of 09:00 BST. The digital coin has seen little change in the past 24 hours, Coinmarketcap data shows. The coin’s market capitalisation currently stands at $141.3 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.