The average price of bitcoin across global exchanges is trending up, having already climbed over $100 during today's trading.
At press time, bitcoin prices were trading around $4,265, a figure that was up nearly $130 from the day's open of $4,137. The uptick, while slight in comparison to the cryptocurrency's 300% appreciation in 2017, nonetheless comes during a period in which bitcoin has had difficulty building support above $4,000.
Over the last seven days, bitcoin has dipped below $4,000 several times, most recently during August 22's trading session.
Overall, bitcoin appears to be settling into a period of sideways trading after rising 55% over the last month and nearly 90% over the last three months, according to data provider CoinMarketCap. By contrast, this week, bitcoin is up only 2.3%.
As such, it remains to be seen whether the market lull is merely a pause in the rally, or a broader sign of potential fatigue in the nascent asset class.
Suggesting the former is that the increase also coincided with a broader movement of capital into alternative cryptocurrencies, with the value of the entire asset class reaching an all-time high of more than $150 billion earlier today.
$100 bill image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.