Bitcoin Price Seemingly Stabilizes but Volatility Still Looms Overhead

Now that the Bitcoin price is on the rise once again, it is interesting to see which markets are driving demand. Interestingly enough, the ETH/BTC market remains the largest for now. It does appear fiat markets are finally making some headway too. Korea remains very bullish on Bitcoin, with prices reaching US$2, 800. The future looks good for Bitcoin, yet nothing is guaranteed.

Bitcoin Price Is On The Mend

It is reassuring to see the Bitcoin price halted its downtrend. Things were looking quite dire on Friday and Saturday. This Sunday, however, things are looking up again. The price per Bitcoin has surpassed US$2,200 once again. There is some resistance on the charts, though, and this rise may be negated in the end. Then again, the bullish trend can’t continue without any setbacks.

Looking at the trading markets, an interesting scenario is forming. Ethereum is the main trading asset against Bitcoin right now. The Poloniex exchange generated nearly US$100m in volume over the past 24 hours with this pair. That is quite impressive, but also surprising. After all, one would expect fiat currencies to dominate Bitcoin trading. That is not the case by any means.

To be more specific, the Korean Won trading pair on Bithumb remains quite popular. However, its volume is US$32m below Poloniex’s ETH/BTC pair. The top 5 is completed by Bitfinex’s USD trading and XRP and USDT trading on Poloniex. Sundays are always days with lower trading volume, though. It seems money is flowing back into cryptocurrency again. The total market cap is back at over US$73bnm up from US$65bn a day or so ago.

Although Bitcoin is going up in value, things remain volatile. There are still a lot of people who bought Bitcoin and will look or an exit position. This could trigger another major price dip over the coming weeks. It is unclear what the future holds for Bitcoin, albeit things are looking somewhat positive. The road toward US2,500 and higher starts right now. Maintaining that momentum will prove to be quite challenging, though.

Header image courtesy of Shutterstock