Bitcoin users are keeping a close eye on the charts. These are tense times for the world’s leading cryptocurrency. Bitcoin’s price dictates how the rest of the cryptocurrency landscape evolves. If the BTC value goes down, other markets will undoubtedly follow. Right now, things look rather stable, but will they stay that way?
A Flat Bitcoin Chart Makes Traders Antsy
When looking at the Bitcoin price chart for the past 24 hours, not that much has changed. The price per BTC hovers between $2,350 and $2,420. Such a spread is not unusual in cryptocurrency. In fact, they are a lot smaller than most people have gotten used to over the past few years. Any price swings below $100 in a day have become somewhat of the norm lately.
With the August 1st deadline moving closer, a lot more sideways momentum is not out of the question. The Bitcoin price will be partially determined by how the activation of SegWit2x and the user-activated soft fork (UASF) play out. It is likely both solutions will compete against one another. A chain split is still a possible outcome as well.
Overall, the Bitcoin trading markets are all in close competition with one another right now. Leaving the altcoin markets out of the equation for a minute, Bitfinex’s USD market is ahead of Bithumb’s KRW and Kraken’s EUR market. It is good to see three different fiat currencies in the top markets. This indicates there is still a strong global demand for cryptocurrency. Especially Bithumb is a bit of a surprise, considering the exchange was allegedly hacked not too long ago.
The majority of Bitcoin trading volume takes place in the altcoin market. The ETH/BTC market on Poloniex is a driving factor to determine the current Bitcoin price. Their BTC/USD market is also in the top five -based on 24 hour trading volume- which is remarkable. Other altcoin markets are showing signs of life include Metal -although this is possibly a pump-and-dump run-, XRP, Litecoin, and Stellar Lumens. Very few top 10 cryptocurrencies generate much trading volume against Bitcoin right now, it seems.
The Korean and Chinese markets are still bullish on Bitcoin. Although these platforms often list Bitcoin at premium prices, there is a $170 gap between Bitfinex and Bithumb right now. Chinese exchanges, such as OKCoin and BTCC, both list Bitcoin around $125 higher compared to Bitfinex. This interesting discrepancy which could hint at future Bitcoin price increases. However, it is equally possible this status quo will be maintained for several more days.
A lot of people would like to see Bitcoin’s price go up. However, in the world of supply and demand, the demand is not outweighing the supply right now. Unless something major happens to create a massive demand for Bitcoin, this market will probably continue its semi-bearish state for some time to come. Though with cryptocurrency, predicting market behavior is even more challenging than traditional markets.