The bearish momentum across all cryptocurrency markets is intensifying as we speak. This takes a lot of people by surprise, even though it seems there are a lot of flesh wounds first and foremost. While some currencies are down in the dirt, the Bitcoin price has remained above $9,000 in surprising fashion. Maintaining this price point will not be easy, even though the overall trading volume is spiking quite hard.
Looking at the cryptocurrency charts right now, it is evident the altcoins are taking a massive beating for no apparent reason. Surprisingly, Bitcoin is not following this quick downtrend, even though the Bitcoin price is still going down. With a 2.29% drop compared to 10% or more for all other cryptocurrencies, things are not looking all that bad for the world’s leading cryptocurrency either. That is, assuming the rate at which the Bitcoin price declines does not accelerate out of the blue.
Over the past 24 hours, we have seen the Bitcoin price come pretty close to reaching $9,700. After a full week of upward momentum, a temporary retrace seems more than warranted. It is only normal the Bitcoin price would go through a temporary correction at some point, and a dip of under 5% is still considered to be rather “normal behavior” in this volatile industry.
The big question is whether or not the Bitcoin price can remain above $9,000 while this onslaught is taking place. Right now, it seems plausible such a scenario will unfold in the coming hours, although there are never any certainties in the world of cryptocurrency either. Considering how the Bitcoin price was stuck at $6,600 for some time this year, any price above $7,500 is still a short-term victory.
What is rather peculiar is how the Bitcoin trading volume has increased quite a bit over the past few hours. With $11.7bn in 24-hour trading volume, things are looking quite impressive for Bitcoin This volume also catapults the overall cryptocurrency trading volume back to nearly $40bn, a number we haven’t seen in quite some time. More volume also means more volatility, and it seems things are holding up in this regard.
Binance is in the lead in terms of trading volume, which is a development we have not witnessed before. Bitfinex is just behind them, and OKEx leads the race for third place. It would appear there is more demand for USDT trading compared to fiat currencies, although that situation may come to change later today. Regardless of how things evolve, this current trend is pretty spectacular, as the demand for Bitcoin is not slowing down by any means.
It is evident all markets need a healthy correction after a week and a half of solid upward momentum. This current dip is nothing to be overly concerned about either right now, although some people will undoubtedly panic sell regardless. If the Bitcoin price can remain above $9,000 all day long, things will get pretty interesting moving forward.
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