The cryptocurrency industry has experienced a few interesting days once again. After the Bitcoin price seemingly became stuck in sideways and borderline bearish territory, things are finally picking up once again. Right now, the Bitcoin price is inching beyond the US$4,400 mark, which seemingly confirms we are in for a wild upward ride in the coming weeks.
It is good to see the Bitcoin price finally surpassing the US$4,400 value once again. After all, we saw a solid base for a recovery a few days ago, but things suddenly stalled around the US$4,300 level for some unknown reason. To this day, no one knows for sure why that happened exactly, considering there was no real reason for the sudden lack of momentum whatsoever. Then again, cryptocurrency markets often do their own thing, to say the least.
More specifically, with the Bitcoin price suddenly rising back to US$4,400, it seems the uptrend has resumed once again. Whether or not that will be the case remains anybody’s guess right now, though. Good things are happening to the Bitcoin price as we speak, but the momentum can come and go on a regular basis depending on how speculators look at things. With the weekend almost upon us, things will not necessarily improve for the better in the coming days.
It is evident the current Bitcoin price “surge” will attract a lot of attention, to say the least. There has always been a positive focus on Bitcoin when the price goes up, but it does appear a lot of people have been awaiting a return to US$4,400. Although this does not necessarily mean we will reach a new all-time high in the coming weeks, things are looking a lot more promising than they did just two or three days ago. Then again, the Bitcoin market will remain volatile for quite some time to come.
One thing to take into account is how the Bitcoin trading volume is not looking all that great by any means. More specifically, the current trading volume is hovering around US$1.18 billion, which is still on the rather low side. However, if most of that volume is related to people buying Bitcoin rather than selling, it is certainly possible we will see another leg up in the coming hours. After all, there will always be some profit-taking along the way, and one small red candlestick on the charts doesn’t mean things will suddenly head south.
Looking over the exchanges bringing in the most trading volume, there is one notable change. Bithumb is no longer in the top three by volume, which is somewhat of a surprise. Instead, HitBTC is now generating sufficient trading volume to be ranked among the top three. For reasons unknown, this smaller exchange has been making a lot of headway in various cryptocurrency markets as of late. It’s an unusual turn of events, but it goes to show things are never set in stone in the cryptocurrency sector.
For the time being, it remains to be seen how the Bitcoin price will evolve over the coming hours. Reaching US$4,400 is a major milestone, even though it is still US$600 removed from the current all-time high for Bitcoin. Whether or not things will pick up again over the weekend remains to be determined. For now, things are looking pretty solid, but there is still a lot of work to be done before anything can be confirmed.
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