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Bitcoin Price Dips to $8,200 but Should Still Post Another Profitable Month

May 31, 2019 at 14:05 by Matt Jackson

Having tipped $9,000 yesterday, Bitcoin prices fell back down below $8,200 earlier today. Prices have recovered a little to $8,400 at the time of writing, however, and the cryptocurrency looks like it will enjoy its most profitable month since August 2017, posting its fourth consecutive month of gains. Bitcoin looks likely to have made more than 50% gains since the beginning of May Some analysts have warned of further correction, but most seem to be pointing at continued gains at the beginning of June.

Bitcoin started May with a price just under $5,300 and, since then, has enjoyed sustained gains. Now trading at nearly $8,400, the cryptocurrency could post 60% gains for the month, which would represent the fourth consecutive month of price increases and the highest monthly gain since November 2017, when prices rose 66%. Sentiment remains positive, while buying pressure remains high, and the outlook still looks positive in most peoples’ eyes.

Several factors could have contributed to the stellar monthly performance. The ongoing trade war between the USA and China and geopolitical pressure mounting between the USA and Mexico could have helped. The Consensus event in New York also took place this month, which means greater publicity for the digital currency.

Having peaked at $9,000 yesterday, the currency could not retain this level, and shed $400 off its price in less than an hour. In total, BTC has lost nearly 3.5% in 24 hours, and it has taken most other cryptocurrencies with it.

Of the major coins, Ethereum has seen the biggest losses, falling 7.54% to $262.24 and temporarily putting a hold to hopes of it reaching $300. The best performer has been EOS, which had seen significant gains in the past few days. EOS prices fell a respectable 2.25% to $7.93 and investors will be hopeful that it will return to profit shortly, especially as Coinbase has now announced support for the altcoin.

Bitcoin (BTC) prices have fallen 3.43% down to $8,430.54 while Ethereum (ETH) has fallen 7.54% down to $262.24. Ripple (XRP) has seen its prices slip 6.76% to $0.432 and Bitcoin Cash (BCH) prices are now $433.12, following a 7.48% fall. EOS has fallen a moderate 2.25% to trade at $7.93 and Litecoin (LTC), which has been overtaken and is now the 6th largest coin by market capitalization, fell 5.94% and is now trading at $110.05. Prices were taken at 15:00 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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