It has been a pretty interesting week for the Bitcoin markets. So far, the momentum is still in favor of the bulls. With the Bitcoin price surpassing US$7,000 for the first time in a while, things are looking pretty good for the world’s leading cryptocurrency. Right now, the Bitcoin price is sitting at US$7,115, but it is possible that gains will continue. The cryptocurrency ecosystem is recovering as we speak, as none of the important altcoins are dropping in value either.
Bitcoin Price Breaches $7,000 Again
With so many conflicting opinions on what Bitcoin should be and how it should evolve, it is almost a miracle the price never dipped to US$5,000 during the past week. Although we have seen the Bitcoin price dip below US$6,000 on two separate occasions, it seems any of the damage done in the process has since been undone. There is still a very long way to go before anyone can even think about seeing a new all-time high for Bitcoin, though.
The Bitcoin price has just climbed above US$7,000 for the first time in four and a half days. There has been a lot of competition from Bitcoin Cash in the last week, but it seems people are flocking to Bitcoin once again. Both ecosystems will continue to coexist, but any hopes of seeing BCH become the new Bitcoin should be set aside for the foreseeable future. Both currencies can easily coexist without having to compete with one another in terms of branding.
With the Bitcoin price back above US$7,100 right now, there is a lot of enthusiasm in the market. Whether or not this trend will solidify over the next few days and weeks remains to be seen. It would be good to see the Bitcoin price go above US$7,250 again, but there will need to be some solid momentum to keep this uptrend going. Right now, that momentum is starting to become apparent, but there will be a fair amount of profit-taking along the way as well.
Thanks to a solid US$3.5 billion in 24-hour trading volume, the whole world can see that demand for Bitcoin isn’t slowing down in the slightest. Although this number has been a lot higher these past few days, it was also inflated by the Bitcoin Cash price trend. Most traders exchanged funds from Bitcoin to BCH and back again. This heavily inflated the trading volume of both currencies, even though it seems that situation is coming to an end.
Bitfinex is still the leading Bitcoin exchange by volume right now, but Bithumb isn’t too far behind. GDAX rounds out the top three, but bitFlyer is a very close fourth. How all of this will evolve in the next few hours remains to be determined. Right now, there is a renewed demand for Bitcoin, yet it may be short-lived. Then again, it is about time the Bitcoin price started to recover, as the downtrend has gone on for long enough already.
How things will play out for Bitcoin and all altcoins correlated with it remains to be determined. Today may prove to be an excellent day for snagging quick profits if one is willing to take the risk. All markets are undergoing change right now, although not all will see major price swings. It should be a very interesting day for virtually all cryptocurrencies.