The cornerstone of cryptocurrencies, Bitcoin, has been trading at an average price of $30,346.01 on July 5th, 2023. The cryptocurrency, often referred to as ‘digital gold,’ has experienced substantial fluctuations in recent years, and its current status reflects the evolving nature of the market.
Over the past 24 hours, Bitcoin’s trading range remained fairly narrow, with a low of $30,235.83 and a peak of $31,051.50. This comes off the back of a 7-day low of $29,894.78 and a 7-day high of $31,276.65, illustrating the ongoing market volatility that Bitcoin traders are facing.
Bitcoin’s trading volume for the past day stood at a considerable $12.88 billion. This demonstrates the significant interest in the crypto asset, despite its currently relatively subdued price level. The market cap, at approximately $589.34 billion, retains Bitcoin’s unchallenged position as the top-ranked cryptocurrency.
Bitcoin continues to dominate the cryptocurrency market with a commanding 47.805% market cap dominance. This illustrates Bitcoin’s influential role in the direction of the broader crypto market. A volume to market cap ratio of 0.0205 underlines the intense trading activity around this foremost digital asset.
The king of cryptos, Bitcoin, has endured a drop of 56.15% from its all-time high of $69,044.77, recorded just over a year ago. However, looking at its humble beginnings, Bitcoin’s current price marks an increase of an astonishing 44,550.63% from its all-time low of $67.81 almost a decade ago in July 2013.
To sum it up, the daily price analysis for July 5th, 2023, showcases Bitcoin maintaining its dominance in the crypto market, albeit at lower price levels than seen at its peak. The trading activity remains robust, indicating sustained interest in Bitcoin.
Investors should always conduct thorough research and due diligence before engaging in cryptocurrency transactions. This daily price analysis is intended to provide an overview and should not be considered as financial advice. Bitcoin, as with all cryptocurrencies, carries a level of risk that investors should be aware of.