Bitcoin prices on Wednesday traded below $3,400, hanging around the lowest level since Jan. 29.

One bitcoin,














BTCUSD, +0.05%












 the world’s largest digital currency, was changing hands at $3,364.70, down 1.7% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency reached an intraday low at $3,341.60.

Read: Jack Dorsey says bitcoin is only cryptocurrency he owns, but he isn’t saying how much

What are analysts saying

“Bitcoin keeps muddling along near the lows. If dip buyers are waiting to buy the dip, they are not tempted by these prices,” wrote Jani Ziedins of the Cracked Market blog.

“Those who wanted to buy bitcoin already bought bitcoin and there is no one left to buy. That is why this cryptocurrency has been so lifeless. The only thing that will save BTC at this point is spreading adoption of it as a currency, which so far doesn’t seem to be gaining traction. Without new money coming in, expect the price to keep drifting lower,” he said.

Read: Crypto exchange customers can’t access $190 million after CEO dies with sole password

Altcoins and futures

Altcoins — the group of digital currencies other than bitcoin — traded lower on Wednesday. Ether














ETHUSD, +0.21%












fell 2.9% to $102.90, Litecoin














LTCUSD, +0.37%












was lower by 4.6% at $32.31, Bitcoin Cash














BCHUSD, -0.18%












was off 1.6% at $114.70 and XRP,














XRPUSD, +0.20%












was down 3.1% at 29 cents.

The broad-based selloff has the market value of all cryptocurrencies at $111.7 billion, down from a 2019 high of $138 billion, according to data from CoinMarketCap.

Futures were in the red early on Wednesday. The Cboe Global Markets February contract














XBTG9, -1.68%












ended 1.2% lower at $3,352.50, while the CME Group February contract














BTCG9, -1.62%












was off 1.6% at $3,345.

Read: Here’s why bitcoin isn’t the next gold, in one chart

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Source