Over the past week, the exchange rate of one bitcoin has continued to hold above the US$1,200 range, maintaining an average of $1,215-1,235 per BTC. As bitcoin’s price has consolidated, cryptocurrency markets in general have increased in volume significantly. Currently, 24-hour cryptocurrency trading volume now exceeds $1 billion in trades per day reaching a new milestone.
Also Read: Dissecting Swisscoin – Another Rising ‘Cryptocurrency’ Blockchain Ponzi
Bitcoin’s Price Stability and Overall Cryptocurrency Trade Volume Increases
The price of a bitcoin has been quite stable over the seven-day period since the rejected ETF decision last Friday. Initially, bitcoin markets reacted with a price rise while waiting for the decision on March 10 and after the SEC’s announcement market prices declined. Since then bitcoin’s value has recovered from the downturn and increased in value to a high of $1,260 on March 15. Bitcoin volume has been incredibly high, reaching an average of over $500 million USD worth of volume daily.
On the peer-to-peer level, bitcoin exchange volumes like Localbitcoins have also reached all-time highs this week. Global Localbitcoins volumes are currently $32 million with countries like China, the U.S., and Canada leading the race. Other peer-to-peer exchange platforms like Paxful and Bitsquare are seeing record volumes as well.
When looking at overall cryptocurrency markets globally, there has been a massive influx of volume when adding altcoin volumes into the equation. Daily cryptocurrency volume has surpassed $1 billion USD in trades due to significant price increases from other altcoins. Adding to bitcoin’s massive daily trade volume, altcoins like Ethereum, Dash, Tether and Monero have bolstered the overall market volumes.
Altcoin Markets Are Pumping
The four altcoins mentioned above have increased their market capitalization values exponentially over the last month. Ethereum is currently trading at over $39 per ether with a record market cap exceeding $3.5 billion USD. Another altcoin that has been rising in value fast has been Dash which is trading at $85 at the time of writing. Meanwhile, Monero has also seen a significant price increase reaching an all-time high of $21. These particularly fast market increases have led to a decrease in bitcoin’s overall market capitalization dominance, which has hit a low of 76 percent.
Bitcoin Price Moving Slow and Steady
Technical indicators show that Bitcoin’s bull market has tapered for the moment as the market moves slow and steady sideways. There’s been massive resistance moving forward above the $1,260 mark, and the 100-200 Simple Moving Average (SMA) suggest a slower uptrend. At the time of writing the Relative Strength Index (RSI) indicator show sellers seem to be in control for the moment, but order books and depth show a strong floor at $1,190-1,200. Roughly two days after the SEC announcement volatility has diminished quite a bit, leaving smaller gaps for day trading strategies.
Traders may have taken a break from bitcoin markets to try and reap the benefits of the past month’s altcoin pumps. The price of bitcoin has done well for itself even though gains have been slower than other markets. Stability has been astounding as the price of bitcoin has remained above the 4-digit range for over a month thus far. Over the past week, the community seemed to have forgotten about the ETF decision and have focused most of their attention on topics like scaling.
What do you think about this week’s cryptocurrency markets? Let us know in the comments below.
Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”.
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