The Bitcoin price roller coaster has once again been in full operation these past few hours. After Bitcoin smashed through the US$4,000 mark and went as high as US$4,137, things have calmed back down significantly. In fact, the battle for US$4,000 is in full effect once again. It will be interesting to see how things play out for Bitcoin, as the bullish momentum has to give way to a correction sooner or later.
Bitcoin Price Still Hovers Around US$4,000
Every time the Bitcoin price undergoes a very bullish period for a prolonged period of time, a correction will not be too far behind. In this particular bull run, that correction seems to be taking place right now. We have seen magnificent Bitcoin price movements over the past week or so, but everyone knows all too well such momentum cannot be maintained indefinitely. Right now one BTC is worth just over US$4,000. but a new all-time high was recorded just a few hours ago.
It is quite remarkable to see how the Bitcoin price has evolved this week alone. Looking back at the charts, one Bitcoin was worth US$3,210 on August 6, just one week ago. Today, that same Bitcoin has gained nearly 30% in value out of the blue. Despite the price slowly dipping right now, there is no reason to be overly concerned just yet. Corrections take place in the cryptocurrency world all the time and eventually often lead to new price increases.
No one will be surprised to learn that Korean exchanges are once again dominating trading volume. Bithumb is the clear market leader with over US$350M in 24-hour volume. That is a spectacular number for just one platform. The best is yet to come, though, as a total of eight additional trading pairs generated over US$100M worth of Bitcoin trading volume in the same 24 hours. That has never been recorded before, indicating a very bullish sentiment as far as BTC is concerned.
It is good to see other fiat currency pairs making up the rest of the top 10, the only exceptions being Ether, NEO, and Tether (USDT). (The latter currency is pegged to the U.S. Dollar, so one could label it as fiat currency trading as well, in an odd way.) The fact that Bithumb still represents 11.47% of all Bitcoin trades despite being hacked not too long ago speaks volumes about how well this exchange is positioned in the Asian markets these days.
Even though Bitcoin’s price is temporarily reorienting itself, other currencies aren’t taking advantage of the situation by any means. Ethereum has noted a 7.21% decline over the past 24 hours after an uptrend that lasted a few days. Ripple, Bitcoin Cash, and NEM aren’t faring much better, as they all recorded similar losses. Only NEO and IOTA are bucking the trend in this regard, but these two currencies have been experiencing some very bullish movements these days. Both markets are hovering above or around a US$2B market cap as well, mind you.
All things considered, now is the time to hold Bitcoin, even if you missed selling at the previous top. The current momentum has not been recorded before, and it is obvious more good things will come in time. The fact Bitcoin has surpassed the US$3B market in 24-hour trading volume is another milestone to be noted. No one knows for sure what the future will bring, but it is safe to say people will want to keep an eye on the Bitcoin price for the foreseeable future.