Most cryptocurrency holders and investors aren’t happy with the way the markets are evolving as of right now. That is only normal, as the Bitcoin price determines the fate of the rest of the pack. In the case of the Bitcoin price, it seems the dip is nearly over, albeit the sideways trading momentum doesn’t bode all that well either at this point.
Bitcoin Price Needs Stability
Whenever the Bitcoin price goes down, it is a matter of time until the rest of the market follows. Over the past few days, there have been numerous altcoins dropping in value like a brick, mainly because of the Bitcoin price losing a lot of momentum in the process. These past 24 hours resulted in another 6.23% Bitcoin value decline, pushing the price to just above $6,800.
Most speculators expected the Bitcoin price to hold its own at the $7,000 support level. That clearly hasn’t happened, although it shouldn’t really come as a surprise to anyone. The cryptocurrency market remains incredibly volatile, even though the Bitcoin price was a lot lower a year ago today. Looking at the bigger picture is incredibly important in this industry, and that picture still appears to be relatively bullish, for now.
Over the past 14 hours, not much has happened to the Bitcoin price. There has been one attempt at driving the price to $6,600 but that quickly fell apart when the market started pushing back. As such, it will be interesting to see what the future holds in this regard, as $6,800 may need to become the new Bitcoin price support level.
One thing clearly working in favor of Bitcoin is how the trading volume has increased for the first time in a while. Rather than the usual $4.5bn in 24-hour trading volume one sees on a daily basis, it seems the volume has increased to $5.7bn. It is a major increase compared to what one would expect, albeit there is still plenty of room for improvements.
With the volume rising, it is all the more impressive to see how Binance’s USDT pair successfully maintains its dominant position, at least for now. Bitfinex’s USD market comes in second place, whereas OKEx’ s USDT pair is in third place. Huobi and GDAX are also in the top five, and it is good to see so many different companies vying for these top spots. Just two fiat currency pairs in the top five isn’t amazing, but all three other pairs are USDT offerings, which is also decent.
For the time being, it remains to be seen what the future will hold for the Bitcoin price. Things are not looking impressive, but it’s not all doom and gloom either. A lot of positive momentum can still materialize later this year, as that appears to be what most experts predict at this time. Whether or not that will come true, is a different matter altogether, as the current bearish momentum may not dissipate anytime soon either.