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Bitcoin Returns to Rangebound Trading As Price Rollercoaster Subsides
The price of bitcoin saw modest volatility today, a development that follows a particularly strong period of robust gains.
Global bitcoin prices experienced little volatility today – a notable contrast to the sharp fluctuations that have taken place over the last week.
STORY CONTINUES BELOW
Overall, the price of bitcoin rose to as much as $2,329.64, before falling more than 5% to $2,218.74 at 15:45 UTC, according to the CoinDesk Bitcoin Price Index (BPI). At the time of report, bitcoin prices had recovered somewhat, rising to $2,245.97.
In comparison, bitcoin prices experienced a notable rally last week, reaching almost $2,800 on 25th May, before plunging more than $400 to almost $2,350 less than four hours later, additional BPI figures show.
This price volatility continued after the sharp drop, as bitcoin recovered to $2,640 early on 26th May before falling once again, this time losing more than $700 and declining below $2,000 on 27th May.
Bitcoin prices bounced back the following day, rising to $2,320.82 at 09:30 UTC on 28th May.
Bitcoin's recent price volatility has coincided with sharp fluctuations in the market capitalization of all public cryptocurrencies, which surged to $91bn on 24th May before plunging 40% to $57.3bn on 27th May.
At press time, this figure has recovered to more than $80bn today, amid strong gains in the price of ether, ether classic and others.
Balancing image via Shutterstock
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
