On Wednesday, the price of Bitcoin hit $21,322 with a 24-hour trading volume of $26.39 billion, down from $23,536 last week, according to Coinbase.
The value of Bitcoin increased by 0.95% in the last 24 hours, capping a weekly trend for Bitcoin that is struggling to reach even half of its previous high.
It is currently the number one coin by market cap of $407 billion and has a circulating supply of 19,104,675 BTC coins and a cap supply of 21,000,000 BTC coins.
Bitcoin Weekly Trend – July 28, 2022
Bitcoin and other cryptocurrencies continue to experience price volatility in 2022. The price of Bitcoin has fluctuated between $18,603 and $24,179 so far this month. However, Bitcoin prices have struggled to rise, with subsequent price falls.
Bitcoin saw its peak in early January when it nearly hit $48,000. Since then, it has lost more than half of its value and is a long way from its November 2021 high of $68,000.
Bitcoin, the world’s top cryptocurrency, showed some weakness on Tuesday as its price fell an additional 6%, following Monday’s 5.7% drop amid investors opting for more adversarial strategies in the risk A week ago, on July 20, it was valued at $23,366.91, while on April 28, its value had reached $39,237.95.
The latest Bitcoin trend has investors worried
In recent weeks, the latest trend in Bitcoin and the cryptocurrency market has seen some volatility amid concerns of a possible interest rate hike by the Federal Reserve to control rising inflation. Crypto prices had fallen by at least 10% or more after the last three Fed meetings in March, May and June. In June, when the Federal Reserve raised interest rates, the value of Bitcoin fell by more than 70%.
Interestingly, the crypto market has been moving in sync with the stock market for the past few months. The correlation between Bitcoin and the stock market continues to show that the crypto and stock markets are moving in the same direction.
This is partly because investors seem to treat cryptocurrency like stocks. Both have seen volatility as investors are pulling back in response to rising interest rates, rising inflation and fears of a recession.
Despite its fluctuations, experts still expect the price of Bitcoin to break the $100,000 mark at some point. Although the long-term price of Bitcoin has generally increased, experts advise against price volatility during the journey. However, in these times of economic uncertainty, experts advise that keeping your crypto investments to less than 5% of your total portfolio can help you mitigate any unexpected financial losses.
Launched in 2009, Bitcoin remains the dominant cryptocurrency in the market being the largest by market capitalization and trading volume. It has grown in popularity over the years and has even started to be used as an alternative to paper cash allowing users to buy a cup of coffee, insurance, consumer staples, luxury watches and event tickets .
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