Over the past week, the price of bitcoin dropped from $8,900 to $6,600, recording a 25 percent decline in value. Ethereum, Ripple, and Bitcoin Cash all declined by more than 35 percent, as the market lost over $40 billion within a two-day span.
Both bitcoin and the cryptocurrency market have not seen these levels since early February, when the price of bitcoin dipped to $6,000. After reaching its bottom at $6,000, the price of bitcoin spiked to $12,000, reaching $14,000 in regions with substantial premiums, including South Korea and Hong Kong.
The crypto markets are seeing a slight upward trend Saturday, March 31, after hitting monthly lows this week, according to data from Coin360
Bitcoin (BTC) is above $7,000 again, trading for around $7,140 and up over 2 percent over a 24 hour period to press time. BTC saw a 24 hr low today of $6,623, and is currently trading 8 percent higher.
Meanwhile, bitcoin cash dropped to $673 today, the lowest level since Nov. 10, Cryptocurrency payment processor BitPay announced yesterday that it has added support for bitcoin cash - however, the news has failed to put a floor under prices.
The fourth-largest cryptocurrency is down 12 percent on a 24-hour basis, while on a year-to-date basis, it has depreciated by 70 percent
Ethereum (ETH) is also in the green, up almost 3 percent over a 24 hour period and trading at around $406 by press time, up from a 24-hour low of $371.
All of the top ten coins listed on CoinMarketCap are showing positive gains, with Stellar (XLM) showing the most growth, over 13.5 percent on the day, trading at an average of $0.21 at press time. Of the top ten, Neo is showing the least growth on the day, still green, but up only 0.16 percent over a 24-hour period.
Although bitcoin has shown some resistance at the $6,600 mark, it has also demonstrated minimal signs of recovery. Volumes on most exchanges including Binance, Bitfinex, Bithumb, Bitflyer, and Upbit remain relatively low, but the volumes on futures markets are intensifying, as CCN previously reported.
Several analysts including Wall Street-based Fundstrat’s Tom Lee have stated that bitcoin is still on track to end the year at $20,000, especially if the market can initiate a mid-term recovery within the upcoming months.