The author is an expert in the field of multi-asset trading.
Bitcoin's Rollercoaster Ride Subsides
Global bitcoin prices had been experiencing a rollercoaster of volatility at the end of May, following a steady rise all-month long. The sharp fluctuations that had taken place over the last week have seemingly stabilized now.
Bitcoin prices experienced a notable rally last week, hitting a record high of almost $2790 at 15:00 UTC on May 25th, before dropping more than $400 to reach almost $2,350 just four hours later at 17:25 UTC, according to price data from Coindesk.
This price volatility continued after the sharp drop, with bitcoin recovering to $2,640 early on May 26th before falling once again, this time losing more than $700 and falling below $2,000 on May 27th.
Bitcoin prices bounced back the following day, rising to $2,320 on May 28th. The next four days have seen the price of bitcoin hover between $2200 and $2400.
Bitcoin's recent price volatility has coincided with sharp fluctuations in the market capitalization of all public cryptocurrencies, which had surged to $91bn on May 24th before plunging 40% to $57.3bn on May 27th.
This figure had recovered to more than $80bn on May 30th, amid strong gains in the price of some cryptocurrencies.