The Bitcoin price (BTC/USD) has risen toward the $9,800 level, but thin trading volumes cast doubt over whether the digital currency’s move forward can spark a meaningful recovery.
The two weekend sessions were mostly quiet for Bitcoin, as the original cryptocurrency managed to stabilise above the $9,500 mark. While the coin dipped to a low of $9,531.80 in late Saturday trading, it swiftly bounced back to post its first close above $9,600 in three days. However, this was not enough for BTC to avoid its second monthly loss in a row. Having opened at $10,077.44 on August 1, the digital coin spent the better part of last month, including its latter half, trying to establish a stable position above the $10,000 mark. While the coin found some success in early August, when its price rose to as high as $12,273, it also had to endure a number of steep drops, the latest of which taking place last week.
Bitcoin experienced a notable price increase during late Sunday trading, which allowed it to start September on a positive note. Having hovered around the $9,600 mark for the most of the day, BTC rallied in the final hours of the session and was able to retake the $9,700 level. The coin rose to as high as $9,796.76 and eventually finished the day at $9,757.97, up from its opening level of $9,630.59.
Today Bitcoin has managed to defend its recent gains and even made another attempt at breaking above the $9,800 mark. However, market activity remains weak, with the coin’s 24-hour trading volume currently standing at $11.7 billion. The coin had averaged $11.45 billion over the weekend sessions.
In today’s trading, the Bitcoin price stood at $9,779.84, as of 10:57 BST. The coin has gained 1.7% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $175.2 billion, which represents 69.5% of the combined value of all digital currencies.
Featured image: Inked Pixels / Shutterstock.com
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