Bitcoin, the largest digital currency by market value, has recently been locked in tight trading ranges with low volatility. Those trends appeared to end Wednesday when the cryptocurrency tumbled below the psychologically important $6,000 price level.
Bitcoin was trading at $5,590 with a market cap of $97 billion at 1pm Eastern on Thursday.
Cryptocurrency market observers expecting more fourth-quarter action out of bitcoin are probably disappointed as the largest digital currency by market values remains mired in a tight trading range.
Bitcoin’s all-time high of around $20,000 was seen in December 2017 and the digital currency has not even been close to flirting with those levels this year. Some market observers believe a return to $10,000 anytime soon will be challenging.
“The world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,640.36, according to CoinDesk. Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall, a stark contrast from its volatile trading year,” reports CNBC.
Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.