Today has already proven to be an exciting day for Bitcoin holders. Although the price of 1 BTC surpassed US$4,600 not long ago, it will take some time before this can be considered a stable Bitcoin price level. Right now, the Bitcoin price is sitting at US$4,584.12, which is a more-than-respectable value for the time being. It appears to be only a matter of time until we see the value go up to US$4,600 again, but for now, patience is a virtue.
Solid Bitcoin Price Action to Kick off the new Week
It doesn’t happen all that often that we can enjoy positive Bitcoin price action after a weekend. Then again, it seems the demand for Bitcoin is increasing on a global scale once again. That is a good sign, as some people feel the Bitcoin price has been suppressed for an extended period of time. Having put the China scares behind us once and for all, things will be getting very interesting moving forward.
Whether or not this means the Bitcoin price will return to US$5,000 or potentially higher before the year is over remains to be seen. No type of regulation should affect the Bitcoin price whatsoever, as no one can regulate the world’s leading cryptocurrency. All one can do is go after centralized exchanges, yet atomic swaps may render that problem moot in the coming months. This development is well worth paying attention to in the coming months.
Now that we have seen the Bitcoin price touch US$4,600 once again, it is to be expected that there will be some form of battle for control between market bulls and bears. With obvious profit-taking looming overhead at all times and potential market volatility to contend with, finding stable ground around US$4,600 will not be an easy feat whatsoever. After all, there has been some negative market pressure already even when the price stayed above this level for over six hours straight.
That being said, things are looking pretty positive for the Bitcoin price right now. With the trading volume slowly picking up as well, we could see continued growth for Bitcoin in the coming days. After all, the Bitcoin trading volume was pretty disappointing last week, and things are finally going back to normal as we speak. With US$1.461 billion in 24-hour volume, things are finally headed back to the level we would expect to see in the Bitcoin world.
bitFlyer has been superseded by Bithumb again as the second-largest Bitcoin exchange by volume. Bitfinex is still the leading platform for the time being, and that situation will not be changing anytime soon. It is good to see fiat currency markets dominate the top three exchanges by volume. Although a lot of people are converting altcoins to Bitcoin again, the main demand stems from the US dollar, Korean won, and the Japanese yen.
For the time being, we have to get with the program as far as the Bitcoin price is concerned. Things look pretty positive right now, but cryptocurrency markets are known for displaying extreme volatility when people least expect it. It is unclear what this means for the future of cryptocurrency in general. Right now, the total cryptocurrency market cap once again sits well above the US$150 billion mark. That in itself is a pretty positive sign, considering most altcoins are in the red right now.