The past 24 hours have brought some more ups and downs for the Bitcoin price.That in itself is anything but surprising, as all cryptocurrency markets are going through a volatile patch once again. Right now, the Bitcoin price hovers near the $4,260 mark, which confirms passing the $4,300 level for an extended period of time will remain rather difficult for now. The trading volume is also declining rapidly, which is somewhat worrisome.
Bitcoin Price Momentum Keeps Fluctuating
Over the past 24 hours, we have seen a few different Bitcoin price valuations, albeit none of them has been maintained for a longer period of time. On multiple occasions did we see the Bitcoin price surpass the $4,300 mark, only to be pushed down to $4,250 shortly after. It is evidently someone is either manipulating this market to no end or there are forces at work who don’t want the price to go above $4,300 again for the time being.
Manipulation is the most obvious answer in this regard, as the same ranges are being tested on multiple occasions right now. The low seems to be in the $4,260 range, whereas the high point is $4,350 or slightly below. If people can “flip” coins in this range multiple times on the same day, they stand to make a good amount of profit as a result. However, to make such manipulation happen, one would expect the Bitcoin trading volume to pick up, that has not happened by any means.
If anything, it seems the Bitcoin trading volume is only going down from here on out. While yesterday brought us almost $1.5bn of 24-hour volume, that number has now dropped all the way to $1.08bn. Not a positive sign by any means, as this also indicates fewer people are exchanging altcoins for Bitcoin and vice versa. It is unclear why this is happening right now, though, as there is no real reason for this momentum or lack thereof.
Even the Bitfinex exchange shows for 24-hour trading volume than we have gotten used to recently. Whereas the company used to present around $150m in volume every single day, the number has now dropped to just under $94m. Not a big scare by any means, but it shows Bitcoin is struggling a bit in every part of the world right now. BitFlyer and Bithumb complete the top three list of exchanges ranked by trading volume. Both of those Asian platforms also see slightly less trading volume, even though they value the Bitcoin price slightly higher compared to Bitfinex.
What is extremely remarkable is how there is only altcoin/Bitcoin market in the entire top 10 right now. Said market is HitBTC’s BCH/BTC trading pair, which is more popular than fiat currency trading on GDAX, WEX, Kraken, and Gemini. It is very unusual to see this lack of altcoin trading in correlation to Bitcoin. A telling sign, although it remains to be seen what this is trying to tell us at this time. Whether or not this is a calm before the storm or a sign of a bearish market, is impossible to tell.
Not every day can be filled with major Bitcoin price gains, that much is obvious. However, this sudden lack of interest is rather unusual, although not unique by any means. A lot of “experts’ are wondering how the SegWit2x hard fork will impact the Bitcoin price. That remains a big question for the time being, and it could be a contributing factor to this lackluster Bitcoin trading activity right now.