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Wednesday bitcoin prices were traded at the lowest level in a week and were on the edge of falling below a psychologically significant level below $ 3,500.
The price of a single bitcoin,
BTCUSD, -4.53%
the largest cryptocurrency in the world was traded the last time at $ 3,700.30, down 5.2% from Tuesday at 5:00 pm. Eastern Time on the Kraken crypt exchange and at its lowest level since 27 November.
To read: Opinion: Bitcoin is about to become useless
What analysts say
Despite the persistent selling pressure, a market observer said that at these levels there is more upside than disadvantage for those looking to find a point of purchase.
"Bitcoin continues to flirt with the [$4,000] level as he struggles to find his following after the last selloff, "wrote Jani Ziedens of the CrackedMarket blog." But given how much we have fallen, at this point there is more upside than downside. That said, few things move as fast as cryptocurrencies. "
Bitcoin Cash loses 9%, makes the new historical minimum
Coins other than bitcoin, colloquially known as altcoin, are all lower on Wednesday. Ether,
ETHUSD, -6.18%
the currency circulating on the ethereum network was traded down by 6.4% to $ 102.01, Litecoin
LTCUSD, -5.60%
it returned below $ 30, trading at $ 29.01, down 5.5% on the day, XRP,
XRPUSD, -3.52%
is 4% lower at 33 cents and Bitcoin Cash
BCHUSD, -11.53%
it was the worst altcoin, down 10.9% to $ 131.40.
"The world's fifth largest cryptocurrency continues to record losses as a result of the harsh blow that went through last month, and as part of the market trend," analysts wrote on eToro in a Wednesday blog. "Bitcoin Cash has plunged another 8% in the last 24 hours and has further extended its losses to record a new record low."
With encrypted prices declining across the board, the total value of all digital currencies is $ 121.8 billion, down $ 9 billion from the start of the week, according to CoinMarketCap data.
In bitcoin futures it negotiates the Cboe Global Markets December contract
XBTZ8, -1.24%
closed early trading, settling at $ 3,795 down 1.1% to $ 3,800 while the December CME group contract
BTCZ8, -4.30%
it was trading at $ 3.655, down 4.8%.
To read: Bitcoin mining is more environmentally friendly than most large industries: reports
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