Bitcoin prices fell on Wednesday, trading below $3,400 to their lowest level since Jan. 29.

In morning trade, one bitcoin,

BTCUSD, -1.68%

 the world’s largest digital currency, was changing hands at $3,371.60, down 1.5% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency reached an intraday low at $3,355.10.

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

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. But more likely is there are no dip buyers left,” 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.

Altcoins and futures

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

ETHUSD, -3.98%

fell 3.9% to $101.87, Litecoin

LTCUSD, -4.66%

was lower by 4.8% at $32.24, Bitcoin Cash

BCHUSD, -4.12%

was off 3.9% at $112.00 and XRP,

XRPUSD, -2.83%

was down 2.7% at 29 cents.

The broad-based selloff has the market value of all cryptocurrencies at $111.4 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%

was down 1.8% at $3,350, while the CME Group February contract

BTCG9, -1.76%

fell 1.8% to $3,340.

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

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