Markets Weekly is a weekly column analyzing price movements in the global digital currency markets, and the technology’s use case as an asset class.
Bitcoin prices fluctuated largely within a tight range of $405 to $420 during the seven days ending 25th March, maintaining relative stability even as the bitcoin community faces questions of scalability and an upcoming drop in the number of new bitcoins minted per transaction block.
The modest price fluctuations followed the trend of the last several weeks, with bitcoin prices generally enjoying stability and robust trading volume. During the week ending 18th March, for example, bitcoin prices wavered between $410 and $420 while market participants traded 30m BTC.
This robust trading volume continued during the seven days through 25th March at 12:30 PM UTC, totaling 32.6m BTC, Bitcoinity figures reveal. Chinese exchange OKCoin accounted for 50.31% of this volume, while Chinese bourse Huobi took up another 46.90%. The remaining exchanges all claimed less than 1% of the remaining volume.
Bitcoin experienced a modest week-over-week decline during the seven-day period through 12:00 UTC on 25th March, starting out at $418.31 and ending at $414.34. However, the digital currency did experience some fluctuations