Cryptocurrency markets are always interesting to keep an eye on, especially with the recent Bitcoin price movements. Even though there was no price gain over the past 24 hours, the Bitcoin price still hovers around the US$4,118 mark. Other cryptocurrencies in the top 10 have seen a bit of growth over the past few hours, with the exceptions of Ripple, Bitcoin Cash, and Ethereum Classic. There is no boring day in the crypto world; that much is evident. It is certainly possible Bitcoin has reached its peak for the time being.
A Level Bitcoin Price is Still Positive
In a perfect world, we would see the Bitcoin price go up in small increments every single day. Sadly, we do not live in a perfect world by any means, and we have to take whatever we can get. In the case of cryptocurrency, that means a BTC price which can go up or down at any given moment. That being said, these past few days have been quite lucrative for anyone currently holding Bitcoin in their portfolio right now. The Bitcoin price has risen by quite a bit over the past two weeks and still sits comfortably above the US$4,000 mark.
However, one has to acknowledge that this may be the highest Bitcoin price point we will see in a while. There have been several price dips over the past few days, although none of them has lasted all that long. Most losses have recovered quickly, and every decline is followed by a return to upward momentum. If that trend continues, there is nothing to be concerned about whatsoever. If traditional market trends apply, however, there will be a major Bitcoin price correction in the coming days.
Keeping in mind that the 24-hour Bitcoin trading volume still sits at nearly US$3 billion, there is no reason for despair whatsoever. In fact, one could say the market looks healthier now than ever before. Considering that all cryptocurrencies combined have a trading volume of US$5.2 billion over the past 24 hours, it is evident Bitcoin is still the top dog right now. No other currency even comes close to Bitcoin’s volume, as the next coin on the list is Ethereum, with just over one-third of the trading volume.
While the Bitcoin price remains stuck in sideways momentum for the time being, other currencies are starting to regain some of their recently lost value. Ethereum is up by 2.88%, which is a nice amount. The big winner of the past 24 hours is NEM, with a 12.42% gain. NEO is up by 8.63% as well, having surpassed Litecoin in market capitalization. Dash has also showed a nice price momentum thanks to a 9.57% increase over the past day. All things considered, these coins are doing quite well in their own way.
Things are slowly falling apart as far as Ethereum Classic is concerned, though. Despite ETC’s value hovering around US$13.70, the coin is now number 10 on the list of cryptocurrencies by market cap. Considering that Ethereum Classic has always been sixth or seventh, this downward momentum isn’t good by any means. It also shows how much cryptocurrencies have evolved over these past few weeks and months, with IOTA, NEM, and NEO overtaking both Ethereum Classic and Litecoin. That is quite significant, to say the least, but the bigger question is whether or not this momentum will be maintained.
All things considered, the Bitcoin price is holding its own. Even though there may not be any upward momentum right now, things may play out just fine for the next few days. Everything that goes up in value must come down eventually. We may see a major Bitcoin price correction or continued sideways momentum for a few more days. Only time will tell what the future will bring, but for now, the overall mood of the market is nothing but positive. The overall market cap continues going up as well, indicating that traders remain bullish on Bitcoin and altcoins alike.
