The Bitcoin price rollercoaster is once again in full effect these past few hours. After Bitcoin smashes through US$,4000 and even went as high as US$4,137, things have calmed down quite a bit again. In fact, the battle for US$4, 000 is in full effect once again. It will be interesting to see how things play out for Bitcoin, as the bullish moment has to go through a correction sooner or later.
BITCOIN PRICE STILL HOVERS AROUND US$4,000
Every time the Bitcoin price goes through a very bullish period for a prolonged period of time, a correction will not be too far behind. In this particular bull run, that correction seems to be taking place right now. We have seen magnificent Bitcoin price movements over the past week or so, but everyone knows all too well such momentum cannot be maintained indefinitely. Right now one BTC is worth just over US$4,000. but a new all-time high was recorded just a few hours ago.
It is quite remarkable to see how the Bitcoin price has evolved this week alone. Looking back at the charts, one Bitcoin was worth US$3.210 on August 6th which is a week ago. Today, that same Bitcoin has gained nearly 30% in value out of the blue. Despite the Bitcoin price slowly dipping right now, there is no reason to be overly concerned just yet. Corrections take place in the cryptocurrency world all the time and eventually often lead to a new price increase in the future.
No one will be surprised to learn the Korean exchanges are once again dominating the volume. Bithumb is the clear market leader with over US$350m in 24-hour volume. That is a spectacular number for just one platform. The best has yet to come, though, as a total of eight different trading pairs generated over US$100m worth of Bitcoin trading volume in the same 24 hours. That has never been recorded before, indicating a very bullish sentiment as far as BTC is concerned.
It is good to see more fiat currency pairs make up the top 10 of trading markets, though. The only exceptions are Ether, NEO, and Tether USD. This latter currency is pegged to the US Dollar, though, so one could label it as fiat currency trading as well, in an odd way. The fact Bithumb still represents 11.47% of all Bitcoin trades despite being hacked not too long ago speaks volumes of how well the exchange is positioned in the Asian markets these days.
Even though Bitcoin’s price is temporarily reorienting itself, other currencies aren’t taking advantage of the situation by any means. Ethereum is noting a 7.21% decline over the past 24 hours after a few days of uptrend. Ripple, Bitcoin Cash, and NEM aren’t faring much better, as they all record similar losses. Only NEO and IOTA are bucking the trend in this regard, but these two currencies are going through some very bullish movements these days. Both markets above or hovering around a US$2bn market cap as well, mind you.
All things considered, now is the time to hold Bitcoin, even if you missed selling at the previous top. This current momentum has not been recorded before and it is obvious more good things will come in time. Bitcoin has surpassed the US$3bn market in 24-hour trading volume as well, which is another milestone taken care of. No one knows for sure what the future will bring, but it is safe to say people will want to keep an eye on the Bitcoin price for some time to come.
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Original Author : JP Buntinx