It is rather strange to see all cryptocurrency markets in the green as of right now. Given the negative market sentiment throughout the past few weeks, it has become evident there may not be any major gains on the horizon. Even so, all markets are recovering slowly. With the Bitcoin price heading to $7.500 again, things will undoubtedly get very interesting.
The Bitcoin Price is Gaining
Everyone should be aware of how the Bitcoin value determines all prices in the world of cryptocurrency. If the Bitcoin price drops, all altcoins will suffer. When the Bitcoin value goes up, altcoins will benefit as well, albeit usually in less spectacular fashion. As such, the market needs a healthy Bitcoin price increase before all of the cryptocurrencies can effectively see a proper bullish trend.
Even so, the Bitcoin price is currently heading in the right direction. With a small push, one might even see a value of $7,500 again later today. This is in stark contrast to the Bitcoin price of nearly $6,400 just a few days ago. Industry experts know this bearish trend is only temporary and the market will reverse course eventually. Whether or not this is happening already, is difficult to predict at this point.
Thanks to this solid 4.99% gain over the past 24 hours, things are looking up for the Bitcoin price for the first time in a while. Albeit this may only be a temporary reprieve before the bears take control again, it may also herald a more positive trend for cryptocurrency in general. There is no specific reason as to why the Bitcoin price would remain below $7,00 other than through sheer market manipulation.
It appears the Bitcoin trading volume is also picking up once again. With $5bn worth of trades in the past 24 hours, the demand for Bitcoin has not diminished by any means. However, this is still a long way removed from the Bitcoin trading volume people saw in late 2017. It is possible such high trading volume materializes again at some point, but for now, it remains unknown how things will play out.
The market is dominated by Bitfinex, which still generates most of the trading volume. Its lead over OKEx has shrunk a tiny bit, though, and Binance is not all that far behind either. What is rather unusual is how there is only one South Korean exchange in the top five. Bithumb barely makes the top ten, which seems to indicate that market is still on the fence as far as BTC is concerned.
How all of this will play out in the near future, remains to be determined. It is evident people have grown tired of the ongoing Bitcoin price decline, but the market can negative this positive trend quick quickly. All gains need to be taken in stride, though, and speculators simply have to hope this is the positive development people have been waiting for throughout most of 2018.