Bitcoin Returns to Rangebound Trading As Price Rollercoaster Subsides

NEWS
Charles Bovaird
May 30, 2017 at 22:05 UTC  |  Updated  May 30, 2017 at 22:32 UTC

Global bitcoin prices experienced little volatility today – a notable contrast to the sharp fluctuations that have taken place over the last week.

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

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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