Bitcoin Rises Up Again
Time to wake up! People who are still keeping a close eye on the Bitcoin price will be pretty pleased with the way things are going right now. Three days of solid growth in a row is pretty unusual in the cryptocurrency world, but things are showing signs of more potential. Whether or not we will see the Bitcoin price surpass 4500 USD later today, remains highly unlikely, but we have surpassed the 4300 USD already.
While most weekends are pretty horrible periods for the Bitcoin price in general. In virtually every case, we will see small to major price declines over the course of the weekend, which are then regained during the coming days. This weekend has proven to be a rather unusual one, for a change, as we have another 0.81% gain on our hands over the past 24 hours. This is rather uncommon for a Sunday, although the actual value difference is almost negligible for the time being.
That being said, we now have a Bitcoin price of over 4300 USD again. It has been a while since we have last seen this value, which makes this rebound all the more important. The road to 4500 USD or more is filled with roadblocks, but for now, no major assistance has been encountered. That doesn’t mean we won’t see a Bitcoin price retrace in the coming days, though, but for now, things are looking pretty positive overall.
Moreover, the current Bitcoin price momentum is realized with a rather low trading volume. Although most altcoins would give an arm and a leg for 1.156bn USD in 24-hour trading volume, it is rather poor where Bitcoin is concerned.
Compared to last Sunday, the volume is about 200m USD higher, though, which indicates there is a growing demand for Bitcoin. Whether or not this means people want to buy or sell, remains to be seen. For now, the momentum is positive, but things can change at any given time.
Virtually nothing changes in the world of exchanges based on trading volume. Bitfinex is still destroying the competition, although bitFlyer and Bithumb continue to bring some stiff competition. It is pretty intriguing to see the Japanese and Korean exchange generate nearly similar trading volume and price Bitcoin at the same value. Said value is still 30 USD below the rest of the world, though, but the gap is closing rapidly.
For the time being, it remains to be seen what the future will hold for the Bitcoin price. While things are looking good for several days in a row now, there is still a lot of room for volatile price swings. In fact, it only takes a few dozen BTC to create any market trend right now, considering how most chart candles will go from green to red and vice versa in a heartbeat. Rest assured speculators will try to take advantage of this momentum in one way or another.
What we think: It is not unlikely we will see the Bitcoin price return to 5000 USD before the year is over. With the Chinese issues well behind us, the time has come to look toward the future once again. What that future may hold, remains anybody’s guess for now, but things will get very interesting regardless. Everyone wants to see Bitcoin succeed in major ways and there is nothing preventing that from happening, other than greed and false information. What do you think?