Bitcoin Price Analysis: Bitcoin’s Price Hits 35 Day Low

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According to recent crypto markets reports, the world’s largest cryptocurrency by market cap Bitcoin has slipped below the 8,000 USD mark in a 35-day low. Merely one hour after the trading session on May 23 started, data from Bitcoin’s price index indicates that the price of digital currency began to fall and has so far dropped to its lowest point in the last 35 days. This price was last attained on April 18.

Bitcoin’s Prices Have Been Irregular in Movement

After climbing up steadily to nearly 10,000 USD as at May 6, the digital currency’s price has suffered a gradual decline since that period towards the current low of 7,876 USD reflecting a 20% drop in prices over the last two weeks. However, Bitcoin’s price has rallied back slightly to reach 7,910 USD as at the time of writing. Note that despite this slight rise in prices, it doesn’t take away the fact that the cryptocurrency has declined. The current price still indicates a 30% premium over Bitcoin’s least point in 2018 which stands at 5,947 USD as of February 5.

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Crypto Prices Have Generally Taken A Hit

It is paramount to note that while bitcoin’s price took a drop, other cryptocurrencies also declined in prices in recent days. Bitcoin’s fall coincides with the broader market sell-off. As reported by data from an independent source on digital tokens, the market capitalisation of the top digital currencies all hit a one-month low with 352 billion USD changing hands.

In fact, we can say that nearly all the top 100 digital assets by market capitalisation are showing about 10 to 20% declines as of the time of writing. According to data from CoinMarketCap, of the world’s largest five virtual currencies, both Ripple (XRP) and Bitcoin Cash (BCH) are trading at a 0.63 USD and 1,120 USD respectively both of which are one-month lows for the digital currencies.

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