- Bitcoin and its peers are seeking fuel to boost the upside momentum
- The largest digital currency dropped earlier today but climbed out with a 6% gain
Bitcoin, Ether, Altcoins Pare Losses
The cryptocurrency market on Wednesday has managed to stage a relatively strong comeback following two consecutive days of losses. Today’s positive market sentiment shifted gears in the morning after Bitcoin threatened to post another losing session. Indeed, the price of the cryptocurrency slipped to 3.6% in the small hours before making a U-turn.
Bitcoin reached a session low of $32,500 today before crypto bulls stepped in. They provided enough support to push the asset’s price 6% higher from the intraday bottom. The digital currency is now trading at around $34,300 and is positioned to post the first day of gains in three.
In the short-term, the price of Bitcoin remains under pressure as it has depreciated by 6% from the beginning of June. Yesterday, the flagship token slipped nearly 10% to levels last seen in the crypto crash in mid-May. Since the year started, Bitcoin’s price has gyrated wildly in either direction.
From Record Prices to Barely Positive
Since January, the value of Bitcoin appreciated 121% to its peak in April when the price set a record session high of $64,800. Afterward, however, the cryptocurrency market experienced one of its worst periods. As a result, Bitcoin’s price has declined 47% to trade at current market levels. Year-to-date, the asset is barely positive, by cryptocurrency market standards, with only 17% move to the upside.
Ether and alternative coins, so-called altcoins, are also quite successful in erasing their losses today. Ether is trading right over the flatline, currently hovering at $2,530, up from a session low of $2,400. Dogecoin is barely positive today after it managed to climb 5% from its intraday low and is currently trading at $0.33.
The recent price skid marked the increasing weight the lack of regulations puts on the market as more governments and central banks are looking for ways to intervene in the digital asset space. Financial authorities from all around the world are drafting plans to introduce a regulatory framework that will allow a legitimate and tax-transparent approach to the cryptocurrency market.
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