As was to be expected, things are not looking all that great for cryptocurrency markets right now. Earlier this morning, it became apparent there would be some more volatility in the near future, and it seems that trend is materializing as we speak. With the Bitcoin price dropping below $7,100 again, things are not looking too great.
THE BITCOIN PRICE IS UNDER PRESSURE AGAIN
It is not entirely surprising to see the Bitcoin price drop below $7m100 again. Even though yesterday was a rather positive day for the cryptocurrency industry as a whole, such momentum usually doesn’t last all that long. In this particular case, it lasted for about 24 hours until reality started kicking in once again. With the current downtrend in place again, the market faces even more pressure.
Although a 4.07% dip in Bitcoin price may not seem like something people should be overly concerned about, it is a big problem as of right now. Given how the cryptocurrency markets have faced a lot of pressure all year long, many people had high hopes yesterday was the beginning of a recovery period. Sadly, that does not appear to be the case, as most of the gains can be erased fairly quickly at this rate.
For the time being, the Bitcoin price seems to hold its own above $7,000. Albeit that may only be a matter of time. With a price increase from $6,500 to $7,400 in the 36 hours prior to today, it is only normal a new correction sets in at this time. Whether or not this trend continues for a few hours, days, or weeks, is anybody’s guess at this point. There hasn’t been much rational trading in cryptocurrency all year long, after all.
One shining beacon of light is how the Bitcoin trading volume has not seen much of a change since this dip began. With a daily volume between $4bn and $5bn, things look pretty solid in this regard, even though there’s still a lot of time or improvements in this regard. These past 24 hours result in a $4.998bn volume, which is still pretty impressive, given the current market conditions.
When taking a closer look at the Bitcoin trading volume, it becomes apparent Bitfinex is still the market leader as of right now. Its lead over Binance and OKEx has been bigger in the past, but right now, it seems sufficient to maintain this position for some time to come. A few trading pairs have already pushed the value per BTC below $7,000, but that is only because they are linked to the Verge altcoin.
How the Bitcoin price will evolve in the coming hours and days, is difficult to predict. If the previous few months are any indication, things will not improve from here on out. Then again, this is the cryptocurrency industry, where anything and everything can and will happen at some point. For the Bitcoin price to return to $7,500, one would almost need a miracle.