All cryptocurrencies are in the green once again today, which further confirms how the markets are going through a recovery process. That is a positive sign for all major cryptocurrencies, including the likes of Bitcoin and Litecoin. At this rate, it will only take a short while until the Bitcoin price surpasses the $4,500 mark once again. All signs are looking favorable right now, but there is still a fair bit of uncertainty.
Positive Bitcoin Price Trend Continues
It has to be said, yesterday’s positive Bitcoin price momentum could have easily turned into negative market pressure rather quickly. These past few days have seen every small uptrend getting pushed down by mainly Asian traders in quick succession. However, with two days of upward momentum in a row, it seems the bearish attitude has been broken for the time being. That doesn’t mean the Bitcoin price won’t decline further in the coming weeks, though.
Focusing back on the here and now, the Bitcoin price is back above the $4,325 mark. That is a big development, considering that same Bitcoin was worth around $4,000 or slightly less just two or three days ago. It is evident the volatility in the Bitcoin market is anything but gone these days, even though 2017 had proven to be a rather solid year so far. Solid, as in, filled with more upward momentum rather than volatile price swings.
Now that the more volatile price action is seemingly behind us, it remains to be seen what the future will bring for the Bitcoin price. The next obvious target is re-establishing a foothold at the $4,500 mark, although there is still a long way to go before that even becomes a possibility. With a 4.22$ gain in the past 24 hours, however, it is certainly possible this is only a matter of time. Slow and steady will win this “race”, as a sudden price jump can easily reserve course shortly after.
With $1.6bn in 24-hour trading volume, Bitcoin isn’t seeing the high demand we had somewhat gotten used to over the past few weeks. More specifically, it appeared a daily volume of $2bn had become the norm, but the current numbers show something else entirely. Then again, the markets are still trying to recover from the recent China news, part of which remains unconfirmed to this very day.Over $1.6bn in volume is still more than respectable, especially when considering this represents well over 35% of the total cryptocurrency volume in that period.
Once again, we have Bitfinex leading the volume charts, which is almost the new normal these days. Chinese exchanges and bitFlyer make up for the top 5 respectively. It is positive to see Chinese exchanges finally traded Bitcoin at a value of $4,120 and slightly higher. There is still a $200 gap compared to Western exchanges, but it will take some time until these markets even out again. The positive momentum is visible even in China, which should put a lot of investors’ minds at ease for the foreseeable future.
If this trend keeps up, it is only a matter of time until the Bitcoin price surpasses the $4,500 mark once again. No one knows for sure when that will happen, though, as some market stability is direly needed right now. All signs are hinting at a positive future for the Bitcoin price, but there is no reason to get ahead of ourselves either. Reaching and maintaining $5,000 by the end of 2017 is still a very realistic target. Only time will tell if it will come true, though.