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It has been another interesting 24 hours for Bitcoin traders. Last week’s bull run toward US$10,000 has not subsided just yet. In fact, it almost seemed as if this milestone would be reached last night, but the run fell short in the end. After hitting a price of US$9,780, the Bitcoin market is now cooling off a bit and refueling for another attempt at the five-digit mark.
BITCOIN FAILS TO SURPASS $10K, FOR NOW
Many people have suggested the Bitcoin price will surpass US$10,000 before the year 2017 is over. Earlier this year, that seemed ludicrous, even though people appreciated the bullish sentiment all the same. Right now, reaching that magical goal seems a lot less challenging than originally assumed. In fact, the Bitcoin price almost hit the US$10,000 mark last night, but eventually fell short by over US$200. It was a more than valiant attempt, but it is evident this market needs a breather first and foremost.
In fact, we have seen the Bitcoin price rise from just over US$8,800 all the way to US$9,780 in the past 24 hours alone. Although 10% gains are not entirely uncommon in the world of Bitcoin, it has been a while since we saw such a massive uptrend materialize out of the blue. Rest assured that will not be the last time something like this happens, especially considering that some have projected the Bitcoin price to reach US$12,000 in the coming weeks.
Unfortunately, the Bitcoin markets have recently entered cooldown mode. After reaching the US$9,780 mark, the Bitcoin price started falling pretty quickly and is now struggling to remain above US$9,500. The word “struggling” feels out of place here, though, as we are still up by over US$600 compared to 24 hours ago. Such massive gains cannot be sustained without timely price corrections, and Bitcoin is no exception in this regard.
With over US$6.12 billion in 24-hour volume, it is safe to say yesterday was one of the best Sundays for Bitcoin in a while. In fact, this may be the most trading volume we have seen in quite some time now. The demand for Bitcoin is undeniable, and it seems there are a lot more people looking to buy than looking to sell. At this rate, reaching the price of US$10,000 is only a matter of time. However, the big correction has yet to take place, and things could get quite messy when that happens.
Bitfinex continues to make any competing exchange look like a child’s toy when it comes to trading volume. The somewhat shady exchange generated over US$777 million in volume over the past day, followed by Bithumb with US$460.6 million and GDAX with US$307.1 million. These are all strong numbers for Bitcoin as a whole, although it remains to be seen how much of this volume is affected by USDT. There are a lot of genuine concerns over this particular trading tool right now.
In the end, no one knows for sure whether or not the current trend is sustainable. Speculation is an odd creature, especially when it comes to cryptocurrency. While the demand for Bitcoin appears genuine, it remains to be seen how things will play out in the coming weeks and months.
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