All cryptocurrencies are in the green once again today, which further confirms that the markets are undergoing a recovery process. That is a positive sign for all major cryptocurrencies, including the likes of Bitcoin and Litecoin. At this rate, it will only take a short while for the Bitcoin price to surpass the US$4,500 mark once again. All signs are favorable right now, but there is still a fair bit of uncertainty in the markets.
Bitcoin’s Positive Price Trend Continues
It has to be said that yesterday’s positive Bitcoin price momentum could have easily turned into negative market pressure rather quickly. These past few days have seen every small uptrend getting pushed down by mainly Asian traders in short order. However, with two days in a row now of upward momentum, it seems the bearish attitude has been broken for the time being. That doesn’t mean the Bitcoin price won’t decline further in the coming weeks, though.
Focusing back on the here and now, the Bitcoin price is back above the US$4,325 mark. That is a big development, considering that same Bitcoin was worth around US$4,000 or slightly less just two or three days ago. It is evident the volatility in the Bitcoin market is anything but gone these days, even though 2017 has proven to be a rather solid year so far, with more upward momentum than erratic price swings.
Now that the more volatile price action is seemingly behind us, it remains to be seen what the future will bring for the Bitcoin price. The next obvious target is re-establishing a foothold at the US$4,500 mark, although there is still a long way to go before that even becomes a possibility. With a 4.22% gain in the past 24 hours alone, however, it is certainly possible this is only a matter of time. Slow and steady will win this race, as a sudden price jump can easily reverse course shortly afterwards.
With US$1.6 billion in 24-hour trading volume, Bitcoin isn’t seeing the high demand we have gotten somewhat used to over the past few weeks. More specifically, it appeared a daily volume of US$2 billion had become the norm, but the current numbers show something else entirely. Then again, the markets are still in the process of recovering from the recent China news, part of which remains unconfirmed to this very day. Over US$1.6 billion in volume is still more than respectable, especially considering that represents well over 35% of the total cryptocurrency volume during the period.
Once again, we have Bitfinex leading the volume charts, which is rapidly becoming the new normal these days. Chinese exchanges and bitFlyer make up the rest of the top 5. It is positive to see Chinese exchanges finally trading Bitcoin at a value of US$4,120 and slightly higher. There is still a US$200 gap compared to Western exchanges, as it will take some time for these markets to even out once again. The positive momentum is visible even in China, which should put a lot of investors’ minds at ease for the foreseeable future.
If the trend keeps up, it is only a matter of time before the Bitcoin price surpasses the US$4,500 mark once again. No one knows for sure when that will happen, though, as some market stability is direly needed right now. All signs are hinting at a positive future for the Bitcoin price, but there is no reason to get ahead of ourselves either. Reaching and maintaining US$5,000 by the end of 2017 is still a very realistic target.
