The price of bitcoin appears to be stabilizing.
Amid what has been a wild weekend in the crypto markets, BTC is now down just 5 percent in the last 24 hours to a value of $6,102. Yet, that number doesn't tell the whole story, as the cryptocurrency has been in the midst of heavy volatility after hitting a near three-week low below $5,600 earlier today.
As the charts show, the record rally from the September lows below $3,000 now appears to have topped out at $7,850 last week after a decision to abandon a controversial software upgrade triggered an unwinding of trading positions. The move appears to be sparking a migration of funds to alternative protocols, with bitcoin cash emerging as the primary beneficiary – effectively tripling in price since Thursday.
Read more: https://www.coindesk.com/bitcoin-price-drops-6000-will-find-floor/amp/