Although weekends are notorious for terrible cryptocurrency trading activity, there is still a strong focus on Bitcoin and altcoins. For the time being, things are still looking rather bleak for Bitcoin, as the Bitcoin price is going down ever so slightly again. Moreover, the trading volume hasn’t surpassed $1bn over the past 24 hours, which is never a good sign. Bitcoin Price Slump Continues No one really expected a major Bitcoin price change over the weekend. Although it is good to see things never went as low as $2,800 this week, the overall trend is still rather bearish. Right now,
Although weekends are notorious for terrible cryptocurrency trading activity, there is still a strong focus on Bitcoin and altcoins. For the time being, things are still looking rather bleak for Bitcoin, as the Bitcoin price is going down ever so slightly again. Moreover, the trading volume hasn’t surpassed $1bn over the past 24 hours, which is never a good sign.
Bitcoin Price Slump Continues
No one really expected a major Bitcoin price change over the weekend. Although it is good to see things never went as low as $2,800 this week, the overall trend is still rather bearish. Right now, one Bitcoin is valued at $3,700 which is not even close to what most enthusiasts would have hoped to see by now. Then again, it still shows there is some positive momentum, even though it remains a big struggle to reach $4,000 for an extended period of time these days.
While some people will be pleased with the way things have gone this week, there is nothing to get terribly excited about whatsoever. This week has been pretty profitable for speculators and margin traders, as there has been highs, lows, dips, and temporary pumps. All of the elements one would expect to make a lot of money pretty quickly. Unfortunately, it is also Bitcoin price volatility which holds the cryptocurrency back right now.
The bigger concern is how there is still a lack of Bitcoin trading volume right now. Although not every day needs to have over $2bn in trading volume by any means, seeing the numbers go below 7 digits is still a bit worrisome. This is not entirely uncommon in the world of Bitcoin and cryptocurrency, but combined with the current bearish trend, it paints a worrisome picture for the time being.
As one would expect, there is little to no news related to Bitcoin capable of turning this ship around whatsoever. Then again, Bitcoin markets rarely respond to actual news. There is a lot of hype going on, which effectively influences the price. Rumors also tend to wreak havoc upon the Bitcoin price in more ways than one. Right now, there is no logical explanation for this lower Bitcoin price whatsoever, but the situation remains the same.
Due to this low trading volume, the markets have undergone some interesting changes. While Bitfinex is still clearly leading the pack, their gap over the other exchanges has shrunk in volume by quite a margin. Considering how this company processed around $500m on a regular day, seeing it generate just over $80m right now is pretty strange. bitFlyer and Bitstamp still complete the top 3, as things have been for virtually all week so far. No markets really stand out right now, as the prices are pretty much the same everywhere you look, minus the Chinese trading platforms.
It will be interesting to see how the Bitcoin price evolves in the next few days. It is possible we will see a new uptrend toward $4,000 in the next few days, but it may drop to $35,00 or lower as well. There is no real certainty in the Bitcoin market right now, which leaves plenty of room for speculation and manipulation. The overall trend for 2017 is still intact for Bitcoin, but the final few months of 2017 may throw up some roadblocks, that much is certain.