Bitcoin Price Rally Fizzles after Most-Bullish Quarter since 2017
The price of bitcoin (BTC) is going down despite registering its most incredible quarter performance since December 2017.
The BTC-to-dollar instrument was trading at $10,875 on Monday, 07:50 UTC, down more than 8.5 percent on a 24-hour adjusted timeframe. The move downhill dragged the bitcoin’s market capitalization close to $193.41 billion. At its highest, the cap was $313.82 billion.
Over the past five days, the bitcoin price has witnessed a sharp decline of more than 21 percent from its 2019 high. The loss, nevertheless, looks dwarfed in front of the cryptocurrency’s overall gains this year, including a 162.79 percent jump seen upon the Q2/2019 close this June.
In retrospective, the bitcoin-to-dollar exchange rate went from a low of $4,051.53 in April to as high as $13,868.44 in June, bringing its maximum quarter leap close to 242 percent. At its current price, bitcoin is still down 44.7 percent from its all-time high of $19,697, according to data provided by Coinbase exchange.
Meanwhile, the Q2/2019 returns posted by the US benchmark S&P 500 were 3.44 percent, its estimations going down due to macroeconomic factors such as the US-China trade war. At the same time, bitcoin’s so-called rival Gold registered 7.39 percent profits in Q2/2019.