The price of Bitcoin (BTC) has fallen below $26,000 U.S. as this year’s rally in cryptocurrencies falters.
Bitcoin, the biggest cryptocurrency by market capitalization, was trading at $25,900 U.S. in early trading on August 28, according to data from CoinGecko.
Other major cryptocurrencies, such as XRP, ADA, and SOL fell as much as 2.2% in trading, continuing a downward trend that has been worsening throughout August.
Ethereum (ETH), the second largest cryptocurrency, fell 1.1% over the past 24 hours.
The decline in cryptocurrency prices mirrors a slump in equity markets, particularly technology stocks, with the Nasdaq index down 5% so far in August.
Until now, Bitcoin had managed to hold steady above $26,000 U.S., a level it had maintained since June of this year.
The breakdown below $26,000 U.S. suggests increasingly negative sentiment and price action among cryptocurrency traders, say analysts.
Current options activity shows that cryptocurrency traders are bracing for further declines in the price of Bitcoin over the near-term.
Despite the current pullback, Bitcoin’s price is up 56% year-to-date, outpacing gains in equities over the same period of time.
