Today’s price of bitcoin has remained stable at the US$430 margin, after showing a significant decline against the US Dollars prior to Christmas, on December 24.
Over the past two days, the bitcoin price continued a positive trend, as trading volumes of prominent bitcoin exchanges including OKCoin and BitFinex recovered from their recent decline during the Christmas season.
According to OKCoin’s most recent update, the exchange’s daily trading volume (24 Hour Volume) recorded around 17,500 bitcoins, which is worth near US$7 million at the time of writing.
Financial experts reasoned the recent decline of bitcoin price to be the plummeting trading volumes of Chinese and American bitcoin exchanges, which make up more than 80% of the bitcoin market share. However, with New Year’s eve approaching, bitcoin trading volumes at exchanges worldwide are increasing and the demand of bitcoins from local investors are skyrocketing.
According to the bitcoin price data provided by Trading View, bitcoin is maintaining its bullish momentum and is heading towards the US$450 margin in the short term.
The price of bitcoin has begun to surge since the opening of today’s bitcoin exchanges, rising by around 4% as shown in the chart below.