Broad-based decline has wiped $9 billion off the total value of all cryptocurrencies this week
Bitcoin prices on Wednesday traded to their lowest level in a week and were on the brink of falling below a psychologically significant level below $3,500.
The price of a single bitcoin, BTCUSD, +2.05% the world’s largest cryptocurrency, was last trading at $3,700.30, down 5.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange and to its lowest level since Nov. 27.
What are analysts saying
Despite the persistent selling pressure, one market watcher said at these levels there is more upside than downside for those looking to find a buying point.
“Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff,” wrote Jani Ziedens of the CrackedMarket blog. “But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.”
Bitcoin Cash sheds 10%, makes new all-time low
Coins other than bitcoin, colloquially known as altcoins, are all lower on Wednesday. Ether, ETHUSD, -0.14% the currency that runs on the ethereum network, was trading down 6.4% at $102.01, Litecoin LTCUSD, +0.89% has moved back below $30, trading at $29.01, down 5.5% on the day, XRP, XRPUSD, -0.23% is lower by 4% at 33 cents and Bitcoin Cash BCHUSD, -7.07% was the worst-performing altcoin, down 11.7% at $130.20.
“The world’s 5th-largest cryptocurrency continues to record losses in the aftermath of the hard fork it went through last month, and as part of the market-wide trend,” wrote analysts at eToro in a Wednesday blog. “Bitcoin Cash tumbled an additional 8% over the past 24 hours, and further extended its losses to record a new all-time low.”
With crypto prices in decline across the board, the total value of all digital currencies is at $121.8 billion, down $9 billion from the start of the week, according to data from CoinMarketCap.
In bitcoin futures trading the Cboe Global Markets December contract XBTZ8, -1.24% closed trading at $3,795 down 1.1%, while the CME Group December contract BTCZ8, +2.16% ended Wednesday down 3.6% at $3,705.
