Bitcoin enthusiasts will be pleased to hear the price is finally making some moves in the upward direction once again. More specifically, the Bitcoin price has surpassed the $4,500 mark once again, even though yesterday looked like it would be a bad day for BTC once again. Now that the price is trying to stabilize around $4,500, the push toward $5,000 and higher can continue once again. Bitcoin Price Moves Up Again After a few days of negative Bitcoin price pressure, things are finally heading back in the right direction. More specifically, the Bitcoin price dipped well below $4,100 just
Bitcoin enthusiasts will be pleased to hear the price is finally making some moves in the upward direction once again. More specifically, the Bitcoin price has surpassed the $4,500 mark once again, even though yesterday looked like it would be a bad day for BTC once again. Now that the price is trying to stabilize around $4,500, the push toward $5,000 and higher can continue once again.
Bitcoin Price Moves Up Again
After a few days of negative Bitcoin price pressure, things are finally heading back in the right direction. More specifically, the Bitcoin price dipped well below $4,100 just yesterday, but it looks like this dip is all but forgotten at this point. With the Bitcoin price heading back to $4,500 and higher, things are finally back on track to set a new all-time high in the coming days. It looks as if the cryptocurrency market is shrugging off the China ICO scare, which never affected regular cryptocurrencies in the first place.
Although it appeared as if the Bitcoin price would dip below $4,000 yesterday, this sudden reversal is a positive development. After all, it has proven to be impossible to keep the Bitcoin price down for an extended period of time. We have seen similar ups and downs in the Bitcoin world over the past few years. It is believed more of these changes will occur in the coming years as well. However, if the charts are to be believed, we will see higher lows along the way. Right now, a low of $4,100 or slightly below is a lot higher compared to the previous dip which took us near $2,000.
This positive momentum has pushed the Bitcoin market cap back above $75bn, which is a positive sign. After all, the market cap dipped quite a bit these past few days as well, but things are slowly bouncing back in the right direction on all fronts. Thanks to the $2.3bn in 24-hour trading volume, the Bitcoin price will keep heading upward for quite some time to come. The first order of business is finding a stable point around $4,500, though, as it is still possible this is just a temporary bounce.
Not too much has changed in the top 10 of exchanges of trading volume. Bitfinex is clearly dominating the charts with their $208m in trading volume, followed by bitFlyer with $102.2m. No other exchanged generates over $100m in volume, which was very different yesterday. Surprisingly enough, there is not one altcoin-related market in the top 10 for the first time in recent weeks. All of the markets are dominated by fiat currencies, as even the EUR market made it to $10. The first altcoin on the list is USDT, which is theoretically still a representation of the US Dollar.
It is always interesting to see how China values Bitcoin compared to the rest of the world. More specifically, the Bitcoin price is more expensive in the USD, EUR, and KRW markets compared to China. In fact, BTCC, Huobi, and OKCoin all value Bitcoin at $4,330 or slightly higher. That in itself is pretty interesting, as Chinese traders often paid a premium compared to the rest of the world until very recently. Right now, it seems the rest of the world pays a premium price for Bitcoin compared to China. A rather surprising development, although the price difference will ultimately solve itself, though.
For the time being, most people will keep an eye on the charts to see if the Bitcoin price can stabilize around the $4,500 level. So far, that seems to be going just fine, although one never knows what the future will bring. It is evident we may see the Bitcoin price head back toward $5,000 at some point, although it remains to be seen how things will evolve in the coming hours and days. For now, things are looking quite good for the value of the world’s leading cryptocurrency.
