Whereas yesterday was a pretty dull day for cryptocurrency trading, things have certainly picked up in spectacular fashion. More specifically, the Bitcoin price is moving upward once again and even surpassed the $4,450 mark. This 2.86% increase is a positive sign, although we are still a long way away from reaching $5,000 or more.
THE BITCOIN PRICE RISES ONCE AGAIN
It has to be said, there are hardly any boring days in the world of cryptocurrency. Even when the Bitcoin price goes down, there will always be currencies trying to buck the trend. When the Bitcoin price goes up, however, virtually all other major currencies will thrive as a result. That is exactly what we are seeing today, with the minor exception of Bitcoin Cash. Then again, BCH has to fight its own battles, as it wants to distinguish itself from Bitcoin itself.
To put the current Bitcoin price momentum into perspective, things are looking pretty positive overall. More specifically, the 2.81% increase has elevated the Bitcoin price all the way to $4,455 once again.It has been a while since we last saw this price point, but touching it again can only be considered to be a positive sign. A lot of traders and speculators have remained bullish on Bitcoin even though we went through a correction not too long ago.
Whether or not they were correct in that assessment, remains to be determined. However, seeing the Bitcoin price go back over $4,450 is pretty significant, especially when considering how the SegWit2x hard fork is almost upon us. Whether or not this fork will disrupt the Bitcoin price momentum in a significant way, remains to be seen. Right now, it certainly doesn’t look like it, but things have not been set in stone by any means.
What is rather remarkable is how the Bitcoin price is successfully going up despite a rather low trading volume. Albeit we have seen this volume dip become more prevalent for several days now, it doesn’t seem to affect the BTC value in a negative way right now. With “just” $902m in 24-hour trading volume, the BTC price has responded in a very different way compared to what some people would have expected.
Bitfinex is still the market leader when it comes to trading volume, which won’t surprise anyone. Butler is still comfortably in second place, followed by HitBTC, Bitstamp, and Bithumb. For the umpteenth weekend in a row, the European trading market is absent from the top 10. Given the global appeal of Bitcoin and no official regulation across the European Union, it is pretty surprising to see this lack of EUR trading volume. Then again, Europe has a fair few brokers, which are seemingly more popular than regular exchanges.
For the time being, it is hard to tell how the Bitcoin price will evolve. Things look pretty solid right now, but we may see another big retrace later today or tomorrow. It is equally possible this momentum will spill over to the coming days and slowly push Bitcoin back to the $5,000 level. No one can tell for sure, but the volatility isn’t gone complete by any means. These are interesting times for all cryptocurrency holders, that much no one can deny.
This article was first published by JP Buntinx at The Merkle