It looks as if the world may finally see some more Bitcoin price action today and over the weekend. After a few days of sideways trading and small gains, the Bitcoin price has finally surpassed the US$4,350 mark once again. It seems that US$4,500 is back on the horizon for the coming days. The newfound price momentum seemingly has nothing to do with the recent SegWit activation on the network, though. Then again, it was only a matter of time until we would see the BTC price appreciating yet again.
Bitcoin Price Rally may be Kicking off
A lot of people will be more than happy to see the Bitcoin price move up once again. After a US$500 drop earlier in the week, it appears things are finally heading in the right direction as we speak. It is still a bit early to tell what is going on exactly, as the overall trading volume is slightly lower compared to the past few days. Then again, we do have a 4.18% Bitcoin price increase on our hands.
With Bitcoin priced at US$4,357.63, reaching US$4,500 shouldn’t be all that difficult on paper, even though the reality may be very different. More specifically, it will take a lot of trading volume to successfully smash through that particular wall, as there will be a lot of resistance around that price point. It seems there is already some pushback from traders who are looking to deny the Bitcoin price from rising by too much.
With US$2 billion in trading volume over the past 24 hours, it is evident there wasn’t a major increase over the past few days. Bitcoin has solidified its trading volume around the US$2 billion range for several days in a row now. It appears the volume has actually gone down slightly these past few hours, as we have seen US$2.4 billion and US$2.7 billion in trading volume these past few days as well. Then again, the volume itself doesn’t always dictate the price, although it is good to see there is no price decline for the time being.
Looking at the exchanges, Poloniex is currently leading all other markets by quite a margin. Bitfinex and Bithumb complete the top three. It’s always quite interesting to note how fiat currency pairs generate nearly similar amounts of trading volume on several occasions. That being said, the main trading market is XRP/BTC on Poloniex. XRP/BTC on Bittrex takes the fourth spot. Given the recent XRP price rise, it isn’t surprising to see so much volume still circulating in this particular market. After all, a lot of people are debating whether or not they should hold onto their XRP or not.
All of this positive momentum has also helped the Bitcoin market cap grow a bit once again. Right now, the BTC market cap sits at just below US$72 billion, which is on par with where it was not that long ago. For the time being, it seems the recent dip has been bought up entirely, which is a good sign. Then again, markets can turn around at any given moment and reverse course entirely. For now, it seems we may be on the brink of another major uptrend, although it is still a bit early to say so for sure. Interesting things are bound to happen as far as Bitcoin is concerned; that much is certain.
All things considered, things are heading in the right direction for Bitcoin. It is impossible to tell if the market will hit the US$4,500 mark anytime soon, though. Right now, it certainly appears that is a real possibility, although only time will tell what we can expect in the coming days and weeks. For the time being, the trading volume certainly supports maintaining the current price, but things can always change. Regardless, it’s good to see the Bitcoin price appreciating again after a big retrace not long ago.
