It has been a pretty interesting weekend for the Bitcoin price. So far, the momentum is still in favor of the world’s leading cryptocurrency. With the Bitcoin price surpassing $7,000 for the first time in a while, things are looking pretty good. Right now, the Bitcoin price sits at $7,115, but it is possible we may continue to go up a little bit more. The cryptocurrency ecosystem is recovering as we speak, as none of the important altcoins are dropping in value either.
BITCOIN PRICE BREACHES $7,000 AGAIN
With so many conflicting opinions on what Bitcoin should be and how things need to evolve, it is almost a miracle the price never dipped to $5,000 over the past week. Although we have seen the Bitcoin price dip below $6,000 on two separate occasions, it seems any of the damage being done in the process has successfully been undone. There is still a very long way to go before anyone can even think of seeing a new all-time high for Bitcoin, though.
Right now, the Bitcoin price has climbed above $7,000 for the first time in four and a half days. There has been a lot of competition from Bitcoin Cash last week, but it seems people are flocking to Bitcoin once again. Both ecosystems will continue to co-exist, but any chance of seeing BCH become the new Bitcoin need to be abandoned for the foreseeable future. Both of these currencies can easily co-exist without trying to directly compete with one another in terms of branding, though.
With the Bitcoin price back above $7,100 right now, there is a lot of enthusiasm in the market. Whether or not this trend will solidify over the next few days and weeks, remains to be seen. It would be good to see the Bitcoin price ago above $7,250 again, but that also means there will need to some solid momentum to keep this trend going. Right now, that momentum is starting to become apparent, but there will a fair amount of profit taking along the way as well.
Thanks to a solid $3.5bn in 24-hour trading volume, the whole world can see demand for Bitcoin isn’t slowing down in the slightest. Although this number has been a lot higher these past few days, it was also inflated by the Bitcoin Cash price trend. Most people exchanges from Bitcoin to BCH and back again. This heavily inflated the trading volume for both currencies, even though it seems that situation is coming to an end as well.
Bitfinex is still the leading Bitcoin exchange by volume right now, but Bithumb isn’t too far behind. GDAX completes the top three, but bitFlyer is very close in terms of trading volume. How all of this will evolve in the next few hours, remains to be determined. Right now, there is a renewed demand for Bitcoin, yet it may still be short lived for all we know. Then again, it is about time the Bitcoin price started to recover, as this negative trend has gone on for long enough already.
How things will play out for the Bitcoin price and all altcoins linked to it, remains to be determined. Today may prove to be an excellent day for scoring quick profits if you are willing to take the risk. All markets are subject to some major changes right now, although not all of them will result in big price differences. It will be a very interesting day for virtually all cryptocurrencies, that much is rather evident.
This article was first published by JP Buntinx at The Merkle