Bitcoin Price Holds Steady
The price of a single bitcoin held steady in the last 24 hours as an increasing number of news reports detailed hacks and scandals within the cryptocurrency ecosystem. At 13:41 UTC, bitcoin was trading hands at $8,573.55, down 3.5% from its price a day ago. During this time period, the price of a single bitcoin has mostly traversed a $600 range, reaching a peak of $8,970.11 last evening.
An analyst at Bloomberg has predicted a further slide of approximately 90% in bitcoin's price and "a strong gravitational pull towards $900" because of the increasing number of coins in circulation from its blockchain. “Parabolically increasing supply is the primary limitation to cryptocurrency market-price appreciation,” he said.
Bitcoin’s original mandate called for only 21 million coins in circulation. However, forks on its blockchain have multiplied the number of coins available to traders.
For example, bitcoin offshoot Bitcoin Cash was forked from its blockchain and currently has 16 million coins in circulation. But its introduction did not result in a price crash for bitcoin. Rather, bitcoin rallied to new highs in December 2017 before beginning its current slump at the beginning of 2018.
The 10 most-traded cryptos moved sideways in the last 24 hours. Ethereum competitor EOS was the sole exception, registering an increase of 2.21% in the last 24 hours. The overall market capitalization of cryptocurrencies was $419 billion, down from $435 billion, at 14:00 UTC.