The price of Bitcoin (BTC / USD) managed to rebound after falling to a minimum of 14 months on Sunday, but a slow start on Monday showed that the digital currency is struggling to find its way to recovery.
The original cryptocurrency had to endure some hard exchanges over the weekend, amidst other intense encryption. The sell-off began in last Saturday's trading when the price of Bitcoin dropped below $ 4,000 for the first time since September 27, 2017. The digital currency ended Saturday's session at $ 3,880.76, well beyond below its initial level of $ 4,347.69.
The currency continued to decline during yesterday's morning session, dropping to a minimum of $ 3,585.06, according to data from the Coinmarketcap digital tracker. This was the lowest price level of Bitcoin since September 22, 2017. At that point Bitcoin was on track to record its biggest weekly loss in over five years, as its price had fallen 36% over the price of opening last Monday. However, BTC managed to recover in the afternoon, reaching a maximum intraday of $ 4,120.87 in late trading. The coin eventually closed the session at $ 4.009.97.
Despite the strong final on Sunday, Bitcoin has so far failed to carry out its rally and get a decisive return. Furthermore, the currency was not successful in its $ 4000 trademark defense and is currently around the $ 3.95 level.
The same pattern was observed in the broader digital currency market. While most major digital currencies are recording big gains for the most recent 24-hour period due to the resurgence seen in the last hours of the Sunday session, the positive moment fell on Monday. However, the total cryptography market is currently at $ 127.8 billion, up from its yesterday low of $ 114.5 billion. The total capitalization of Bitcoin represents 54% of the total value of all digital coins.
In today's trading, the price of Bitcoin was $ 3,965.19, starting at 09:32 GMT. The digital currency has gained almost 7% in the last 24 hours.
For more information on how to buy and exchange Bitcoins, see our comprehensive Bitcoin guide.