The past few hours have been pretty interesting for cryptocurrency supporters. After two days of Bitcoin price declines, things are slowly rebounding with a 0.84% gain. Bitcoin Cash, on the other hand, lost 12.5% in value even though it is far more profitable to mine right now. Other cryptocurrencies making big moves include IOTA, NEM, Dash, and OmiseGo. It is evident the weekend is only a snapshot of how trading markets work, but this Sunday proves to be particularly interesting, to say the least.
Bitcoin Price Shows Signs of a Small Rebound
Ever since the Bitcoin price surpassed the $4,000 mark, people have been overly excited about what the future would hold. At one time, it looked as if the Bitcoin price would hit $4,500 and possibly even more. Those dreams were crushed pretty quickly though, as the Bitcoin price started showing signs of a potential correction. Things have not turned out overly bad these past few days, although maintaining the $4,100 mark has been quite difficult all weekend. Right now, we see a small nudge upward thanks to a 084% gain over the past 24 hours.
Moreover, the Bitcoin trading volume remains above the $2bn mark for several days now, which is rather impressive. Keeping in mind how weekends often see less than $1bn in trading volume for Bitcoin, this weekend proves to be something else entirely in a good way It is good to see so many people still focus on the world’s leading cryptocurrency, even though it has some stiff competition from Bitcoin Cash these past few days.
Speaking of which, the Bittrex BCC/BTC market is the main driver of Bitcoin trading volume right now. This goes to show a lot of people are flipping Bitcoin Cash back and forth in an effort to increase their Bitcoin holdings. So far, these efforts aren’t as rewarding, though, as BCH shows no signs of buckling at this point. Despite a lot of pressure on the exchanges in terms of sell orders and random coin dump periods, Bitcoin Cash has proven to be quite resilient. Interestingly enough, there are four Bitcoin Cash-related markets in the top 7 as far as Bitcoin trading volume is concerned.
Other markets in the top 10 include USD, KRW, and CNY trading pairs It is evident the main focus is on Bitcoin Cash right now, rather than converting fiat currencies to and from Bitcoin. Not necessarily a trend to be concerned about right now, though, as this is somewhat common in the world of Bitcoin trading during weekends. Bithumb is still in the top five of markets, though, which is good to see. Two Chinese exchanges in the top 10 is also a positive sign. Interestingly enough, Huobi lists the Bitcoin price as $4,436.50 right now. A large premium compared to the market average, to say the least.
For now, it is a bit unclear as to what the future holds for the Bitcoin price right now. It is evident there is still a lot of room for upward momentum, although the market is showing some bearish signals as well. Then again, that is only to be expected, as the Bitcoin price has gone through a massive bull run over the past few weeks. In fact, it has done so throughout all of the year 2017. A correction will need to occur at some point, although it is always hard to predict how steep that correction will be. Right now, it is a dip of around 7%, although it is not necessarily the last correction in the coming weeks.
If the trading volume remains in place for Bitcoin, there is no reason for concern whatsoever. A $2bn volume on a Sunday is pretty uncommon for cryptocurrency markets in general. For Bitcoin, it is slowly becoming the new normal, which paints a positive outlook for the future. Bitcoin Cash is doing its own thing and is no real threat for Bitcoin itself. The only threat to that ecosystem is SegWit2x and people bickering over implementing a scaling solution with a block size increase attached to it. It will be interesting to see how things evolve, but for now the Bitcoin price is doing just fine.