Cryptocurrency enthusiasts are always keeping a close eye on Bitcoin’s price. That is normal, as Bitcoin is still the leading cryptocurrency. Although the Bitcoin Dominance Index is still below 42%, the popular cryptocurrency continues to set the tone for other coins. Right now, Bitcoin appears to be somewhat stable.
A Flat Bitcoin Price Chart is Good, For Now
Although most Bitcoin traders would like to see some more market volatility, that does not appear to be how Bitcoin is behaving currently. The price has not budged all that much over these past 24 hours. Weekends are traditionally bad for cryptocurrency prices, but this weekend seems to be off to go a good start. With just a 1.55% change in price, Bitcoin’s value remains well above the US$2,450 mark.
One thing that has become somewhat apparent is how the overall Bitcoin trading volume goes down during the weekend. The past 24 hours saw just over US$824m in trading, which is well below the US$1bn or US$2bn mark we have seen in recent weeks. Once again, weekends are always quiet periods for Bitcoin, although some volatility may occur at any given time.
Looking over the trading charts, it appears GDAX and Bitfinex are locked in a fierce battle to dominate the USD trading market. Both companies generated over US$29m in volume the past day, which is quite impressive. GDAX seemingly puts the Bitcoin price at US$2,510, whereas Bitfinex has it at US$2.421. It is not uncommon to see such wild price discrepancies, but taking advantage of them may not necessarily be worth it.
Trading for and against Bitcoin with fiats is still very popular in Korea as well, with both Bithumb and Coinone making it to the top 10 of platforms based on volume. The leading trading market is Poloniex’s ETH/BTC market, which is not entirely surprising by any means. Altcoin markets often derive most of their value from Bitcoin trading, and Ethereum is no different.
A lot of people are also keeping a close eye on the calendar. As all Bitcoin users should know by now, we may soon see a Bitcoin hard fork. At the same time, there is still the user-activated soft fork to take into account. If things were to get badly disrupted, there may be three competing Bitcoin blockchains come August 1st. It is doubtful this will happen, but the possibility should not be ignored either.
ZombieTraderAbott on /r/BitcoinMarkets sees future positive developments for the Bitcoin price:
“I’m super bullish. I think we’re about to jump to around $2800 within 3-4 days (well within, perhaps), wobble for a bit, and then make new all-time highs within 1-2 weeks. And I honestly think we could be cracking $5k before the end of August.”
If we ignore the semi-bearish Bitcoin trend of the past few weeks, anyone can see Bitcoin is still in a good place. On April 1st, one Bitcoin was worth US$1,076.59. That price was considered quite high by a lot of people. Right now, the same Bitcoin is worth about US$2,500. Its market cap has also increased from US$17.5bn to US$41.2 billion. The bigger picture teaches us Bitcoin is doing just fine, despite what this week’s chart may state.
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from The Merkle