Bitcoin (BTC) has experienced a downturn in the past 24 hours, with its price falling by 4.1% to $59,278.00. This decline comes as a surprise, considering the cryptocurrency’s positive trend over the past week, where it witnessed a 1.0% gain, climbing from $59,518.13 to its current price.
The chart below illustrates the price fluctuations and volatility of Bitcoin over the past 24 hours (left) compared to its price movements over the past week (right). The gray bands represent Bollinger Bands, which measure the volatility of both daily and weekly price changes. Wider bands, indicating a larger gray area, represent higher volatility.
Despite the recent dip, Bitcoin’s trading volume has increased by 61.0% over the past week. This increase coincides with a 0.05% rise in the circulating supply of the coin, bringing it to 19.75 million. This represents an estimated 94.03% of its maximum supply of 21.00 million.
According to current market data, Bitcoin holds the #1 position in terms of market capitalization, with a valuation of $1.17 trillion.
These price fluctuations highlight the inherent volatility of the cryptocurrency market, reminding investors to approach investments with caution and due diligence.
