Last week has been a pretty rough one for the Bitcoin price, to say the very least. That is not entirely surprising, as the main focus was on pumping Bitcoin Cash well beyond its true value. Slowly but surely, things are changing in favor of the Bitcoin price once again. With a Bitcoin price of $6,547 at the time of writing, an important first step has been taken. The big question is whether or not we will see more dips before the year is over.
BITCOIN PRICE CRAWLS ABOVE $6,500 AGAIN
With all of the issues we have seen in the Bitcoin world over the past week, it is not entirely surprising the Bitcoin price went through a massive dip. A lot of money was moved from BTC into Bitcoin cash, although that trend may start to reverse a lot sooner rather than later. For all intents and purposes, it appears the BCH pump is completely over right now and money is flowing to different currencies again. Altcoins may have a very good day today as well, but the main focus will be on the Bitcoin price.
More specifically, we have seen some wild Bitcoin price fluctuations over the past 24 hours. After an initial rejection at $6,400, the Bitcoin price quickly started heading south once again. Around midnight, it went as low as $5,750. Such a sharp dip was not entirely unexpected given the network issues and miners switching over to Bitcoin Cash. Now that this situation has changed in favor of Bitcoin once again, things will get very interesting for the world’s leading cryptocurrency.
With the mining hashrate back in favor of the Bitcoin chain itself, the unconfirmed transaction mempool should empty over the next few hours. There will always be new transactions coming in, but for the time being, it seems as if things are going well. This has also resulted in a 3.95% gain for the Bitcoin price, pushing the value from that $5,750 value all the way back up to just over $6,500 in a few hours.
Thanks to over $6.65bn in 24-hour trading volume, it is evident Bitcoin is more than ready to reclaim its rightful place as the world’s leading cryptocurrency. Rest assured there will still be some major price volatility in the hours to come, but for now, things are looking relatively stable. It remains to be seen if this trading volume will lead to more money being moved from altcoins back to Bitcoin or vice versa. Right now, both options are more than valid, to say the very least.
In an unsurprising turn of events, Bitfinex is still the default Bitcoin exchange ranked by trading volume. Their lead on Bittrex is under $80m, and depending on how much people sour on BCH, that may become the main trading market for Bitcoin later today. Bithumb is in third place, and they currently value Bitcoin at a price of over $6,700. Quite a big gap compared to the Western world, yet it remains to be seen how things will play out in this regard. Twelve exchanges with over $100m worth of trading volume is pretty solid in general, even though there are a few Bitcoin Cash markets involved as well.
The big question everyone wants to see answered is whether or not this is a big step toward a Bitcoin price recovery. The answer to this question is not straightforward, as there are no guarantees whatsoever. It is possible we will see some more Bitcoin price volatility because things get stable again. When that will happen, is anybody’s guess right now. It is evident most altcoins will try to mount a strong comeback now that the BCH pump is officially over, for the time being.