Not too much is happening in the world of cryptocurrency right now. With Dash being the only currency making any major movement, there is little to talk about. One thing that has become rather apparent is how overall cryptocurrency trading is less than half of what it could be right now. This is mainly visible as far as Bitcoin is concerned. Then again, as long as the Bitcoin price remains stuck at US$3,900, not much will transpire.
Bitcoin Price is Still Stuck At $3,900
Most traders are still keeping a close eye on the Bitcoin price chart right now. It is evident the world’s leading cryptocurrency is not making any major moves right now. In fact, the price has remained close to US$3,900 for several days now and it doesn’t appear that situation will be changing whatsoever anytime soon. Moreover, the overall trading volume is still pretty low, which seemingly indicates that investors are cooling off on Bitcoin right now.
The problem is that no one can pinpoint why things are moving so slowly right now. It is true that China has made some annoying remarks and introduced some roadblocks which will pose a problem. However, Bitcoin is not about China or its exchanges and there is no reason for the Bitcoin price to remain stuck in sideways movement for too long. Then again, every time we see the Bitcoin price going down for a while, it takes weeks if not months until any other major movement occurs.
Contrary to what some media outlets may claim, the value of Bitcoin is not zero. That may be the case in the minds of some people, though, as not everyone sees the merit of cryptocurrency to begin with. No one will be surprised to learn most of the people sharing that shortsighted opinion are bankers and other individuals involved in the financial sector. The world’s largest central bank recently told everyone not to ignore Bitcoin, which further confirms that big things will happen in the long run.
Unfortunately, the lack of Bitcoin trading volume isn’t helping matters all that much in the short term. More specifically, without proper volume, the Bitcoin price will remain in its current state of flux. A 1.08% drop in value over the past 24 hours is far from spectacular, though the decline in trading volume doesn’t exclusively belong to Chinese exchanges.
More specifically, Bitfinex and bitFlyer are still leading the charge when it comes to Bitcoin trading volume. However, even Bitfinex is down to about 30% of its normal volume. bitFlyer generates a third of Bitfinex’s volume, followed by Bitstamp, HitBTC, and Bithumb. It just seems no one is interested in either buying or selling Bitcoin right now, which could be a sign of big movements looming on the horizon. Then again, it may also be a prelude to what we can expect in the next few days, which means there will be no significant changes for the foreseeable future.
For the time being, a Bitcoin price of US$3,886 isn’t all that bad whatsoever. It is not necessarily the value most people would like to see right now, but we have to take the bad with the good. The year 2017 has been pretty solid overall for the Bitcoin price, and it is evident there is still a lot of room for future growth. Whether or not that will happen this year remains to be seen.
