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 $4.250. That plan of action seems to work out so far, although there is still a lot of work to be done before it is 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
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 $4.250. That plan of action seems to work out so far, although there is still a lot of work to be done before it is 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 $3,750 again, which was promptly followed by an increase to $4,000 and slightly above.
As one would come to expect these days, such a strong price increase won’t go without correction shortly after. Once the Bitcoin price reached $4.200 a few days ago, the value started dipping almost immediately. Although the price has not gone below $4,000 again, it was only certainly a possibility two days ago. Thankfully, we never got to that point, and the uptrend has being resumed ever since.
As of right now, the Bitcoin price hovers around the $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 and Bitcoin has not been an exception in this regard these past few weeks. Then again, most of the “worrisome” news is well behind us and ha no real impact on the global Bitcoin ecosystem whatsoever.
Surprisingly enough, we see slightly more Bitcoin trading volume compared to previous weekends. Albeit the difference is nothing dramatic by any means, it is good to see over $1,1bn in 24-hour trading volume. Bitcoin’s market cap has also surpassed $70.5bn once again, yet it remains to be seen if and when we may finally reach that illuster $100bn 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 like the rest of the week. Bitfinex is still the largest exchange ranked 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 $100 below the Western platforms, though.
All things considered, things are looking pretty good for the Bitcoin price in the long run. This latest minor 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 $4,500 anytime soon, remains to be seen. The momentum is seemingly changing in favor of Bitcoin right now, although it remains to be seen how things evolve in the coming weeks and months.