Whereas yesterday was a pretty dull day for cryptocurrency trading, things have certainly picked up in spectacular fashion. More specifically, the Bitcoin price is moving upward once again and even surpassed the US$4,450 mark. This 2.86% increase is a positive sign, although we are still a long way away from reaching US$5,000 or more.
It has to be said, there are hardly any boring days in the world of cryptocurrency. Even when the Bitcoin price goes down, there will always be currencies trying to buck the trend. When the Bitcoin price goes up, however, virtually all other major currencies will thrive as a result. That is exactly what we are seeing today, with the minor exception of Bitcoin Cash. Then again, BCH has to fight its own battles, as it aims to distinguish itself from Bitcoin itself.
Things are looking pretty positive overall for the leading cryptocurrency. More specifically, the 2.81% 24-hour increase has elevated the Bitcoin price all the way to US$4,455 once again. It has been a while since we last saw this price point, but touching it again can only be considered a positive sign. A lot of traders and speculators have remained bullish on Bitcoin even though we underwent a correction not long ago.
Whether or not the continued bullishness is justified remains to be determined. However, seeing the Bitcoin price go back up over US$4,450 is highly significant, especially considering that the SegWit2x hard fork is almost upon us. Whether or not this fork will disrupt the Bitcoin price momentum in a significant way also remains to be seen. Right now, it certainly doesn’t look like it, but things have not been set in stone by any means.
What is rather remarkable is how the Bitcoin price is going up despite a rather low trading volume. Although we have grown accustomed to such low volume during the past several days, it doesn’t seem to be affecting the BTC value in a negative way right now. With “just” US$902 million in 24-hour trading volume, the BTC price has responded very differently from what some people would have expected.
Exchange-wise, Bitfinex is still the market leader when it comes to trading volume, which won’t surprise anyone. bitFlyer is still comfortably in second place, followed by HitBTC, Bitstamp, and Bithumb. For the umpteenth weekend in a row, the European trading market is absent from the top 10. Given the global appeal of Bitcoin and lack of official regulation across the European Union, it is pretty surprising to see the lack of EUR trading volume. Then again, Europe has a fair few brokers, which are seemingly more popular than regular exchanges.
For the time being, it is hard to tell how the Bitcoin price will evolve in the near term. Things are looking pretty solid right now, but we may see another big retrace later today or tomorrow. It is equally possible this momentum will spill over into the coming days and slowly push Bitcoin back to the US$5,000 level. No one can tell for sure, but the volatility isn’t gone completely by any means. These are interesting times for all cryptocurrency holders; that much no one can deny.
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