Although all of the top cryptocurrencies are still in the red as of right now, it seems the momentum is slowly turning in favor of these coins once again. Do not be mistaken in thinking there will be any major upward momentum for all of these coins in the coming hours, though. Right now, the Bitcoin price is starting to recover a bit, as reaching $8,500 again is the first order of business right now.
Bitcoin Price Recovery has to Start Somewhere
This past week has not been all too great for most cryptocurrencies. Especially the Bitcoin price has gone through another rough patch. Over the past 24 hours, the Bitcoin price dropped from $8,750 all the way to $8,179. It is a pretty big drop, considering how things could have easily gone the other way as well. Unfortunately, it seems manipulators and market makers do not want any positive cryptocurrency momentum to materialize at this time.
With this week’s dip in the books, it now seems the Bitcoin price is clawing its way out of this hole again. Over the past few hours, the value has risen to $8,435 again, which is a positive start. While it is only a drop in the proverbial bucket, positive momentum has to start somewhere. In the case of the Bitcoin price, a $300 increase in mere hours is a pretty solid trend overall. This doesn’t automatically mean we will see this trend continue all that long, though.
The net result over the past 24 hours is a decline in Bitcoin price by 3.98%. It is better than a 7% decline, but it still shows how brittle this cryptocurrency really is in 2018. Any sort of negative momentum will immediately send the value crashing, even though there is no news that should affect the markets in such a way. Investors are spooked very easily, which only highlights the need for decentralized solutions rather than centralized exchanges.
With $7.26bn in 24-hour trading volume, the demand to buy and sell Bitcoin has not diminished in the slightest. Granted, there is a slight dip in volume compared to last week, but it represents less than 10%. How this will play out in the coming hours and days, remains to be seen. If the volume remains at this level, it seems evident the Bitcoin price will continue to rise later today. Reaching $8,500 will still be an uphill battle, though.
Judging by the exchanges ranked by trading volume, it seems USDT trading still remains very popular. OKEx, Binance, and Huobi are all in the top four with their USDT trading pairs. Bitfinex is the only exchange with a fiat currency pair in the top five. OKEx’s TRUE/BTC pair is in fifth place as of right now. A very interesting development in the world of Bitcoin trading, and one to keep an eye on.
For the time being, we will have to wait and see how the Bitcoin price evolves in the coming hours. Given the bearish pressure on the cryptocurrency industry throughout most of 2018, it is evident things are not looking all that great right now. Then again, the rebound will start any day now, and when it happens, it is evident the Bitcoin price- along with most other cryptocurrencies – will see some solid momentum.
Source: The Merkle
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