People looking for any positive momentum in the cryptocurrency industry may not be all that pleased with how things are going right now. Everything is in the deep red, with some currencies noting rather spectacular losses. The biggest concern is the Bitcoin price, which has effectively dropped below $7,500 for the first time in five weeks.
The Bitcoin Price is Getting Battered
It is evident things are not going according to plan as far as the Bitcoin price is concerned. While there has been some interesting momentum in early March and throughout late April and early May, things have fallen apart once again. More specifically, the Bitcoin price has roped below $7,500 for the first time since April 12th.
This is not a positive development by any means. While the bears are thoroughly enjoying this new trend, the rest of the cryptocurrency community isn’t necessarily happy with this current development, for obvious reasons. At this point, it seems highly unlikely the Bitcoin price will hit $10,000 anytime soon, even though it successfully did so in late March.
Due to this latest Bitcoin price decline of 5.76%, it remains to be seen where the bottom lies exactly. Some people speculate the Bitcoin price will drop to $5,500 or even lower in the coming days, although it remains to be seen whether or not this can effectively be reached. Most cryptocurrency holders don’t hope to see such a low Bitcoin price in the near future, but it is evident there isn’t much that can be done about this current trend.
Even though the Bitcoin trading volume isn’t declining all that much lately, it seems the sellers are in full control of this market for quite some time to come. With $6.33bn in trades over the past 24 hours, the sellers vastly outweigh the number of buyers. It is still possible this situation will turn around in the coming days and weeks, but for now, the momentum will remain bearish.
Looking over the exchanges ranked by Bitcoin trading volume, Bitfinex is clearly in the lead right now. Binance is not that far behind with its USDT pair OKEx closes out the top three with another USDT market. Huobi and bitFlyer are also in the top five, which means there are two fiat currency pairs and three USDT markets in this top five. An interesting mix, although not something that will improve the Bitcoin price anytime soon.
It is evident volatility remains the name of the game in the world of cryptocurrency. With the Bitcoin price in the dirt, all alternative currencies are suffering as well. It will be interesting to see how things evolve in this regard. With all of the panic selling taking place right now, there will be a lot more losses to contend with moving forward, for obvious reasons.
