Despite the weekends usually being pretty boring for cryptocurrency trading, today may prove to be a good day after all. More specifically, the Bitcoin price is on the rise once again in an effort to successfully regain a foothold at US$4,250. That movement seems to be playing out so far, although there is still a lot of work to be done before this price point can be considered a stable bottom.
Bitcoin Price Reaches $4,250 yet Again
This past week has been pretty interesting for Bitcoin traders, enthusiasts, and speculators all over the world. After a period of sideways trading and a borderline bearish trend, the Bitcoin price has finally picked up again. Earlier this week, we saw the Bitcoin price surpass US$3,750, which was promptly followed by an increase to US$4,000 and slightly beyond.
As one has come to expect these days, such a strong price increase won’t go without a correction shortly afterwards. Once the Bitcoin price reached US$4,200 a few days ago, the value started dipping almost immediately. Although the price has not gone below US$4,000 since, it was certainly a possibility two days ago. Thankfully, we never got to that point, and the uptrend has resumed ever since.
As of right now, the Bitcoin price is hovering around the US$4,260 mark, which is a lot higher than people would have expected for a Saturday. One thing to keep in mind is how weekends can often introduce volatile price swings. This has been particularly true for Bitcoin these past few weeks. Then again, most of the “worrisome” news is well behind us and has had no real impact on the global Bitcoin ecosystem whatsoever.
Surprisingly enough, we are seeing slightly more Bitcoin trading volume compared to previous weekends. Although the difference is nothing dramatic by any means, it is good to see over US$1.1 billion in 24-hour trading volume. Bitcoin’s market cap has also surpassed US$70.5 billion once again, yet it remains to be seen if and when we may finally reach that illustrious US$100 billion mark. No one will deny Bitcoin is by far the most dominant cryptocurrency these days, as it leaves every single altcoin in the dust.
Just as it was the rest of the week, Bitfinex is the largest exchange by Bitcoin trading volume. bitFlyer and Bithumb complete the top three. Asian interest in cryptocurrencies has not waned one bit despite regulatory measures introduced in China, South Korea, and potentially other countries in the future. Bitcoin is not going away whatsoever; that much is evident. It is remarkable how bitFlyer and Bithumb trade Bitcoin over US$100 below the Western platforms, though.
All things considered, things are looking pretty good for the Bitcoin price in the long run. This latest uptrend is not necessarily significant, but it is better than a temporary price reversal. Whether or not we will see the Bitcoin price head back to US$4,500 anytime soon remains to be seen. The market momentum is seemingly changing in favor of the bulls right now, although it remains to be seen how things will evolve in the coming weeks and months.