Since the last market wrap up, price in Bitcoin has finally hit bottom and the trend has reversed. The defining moment that turned the price around was earlier this week when price hit bottom at $222. Since then, price has increased at a steady pace totaling to a net gain of 4.5% over the last seven days. If current trends hold, I’d expect Bitcoin to be either approaching or however just above $240 this time next week.
The growth Bitcoin achieved this week seems to be organic; if it were artificial growth would have been much more rapid.
This growth, coupled with lower volume....
Rising around $50 in price, Bitcoin had a crazy ride this week. Breaking the monotony that we’ve seen for the last 18 weeks with only single digit changes and the occasional bull run, the rise from $260 to $310 is reminiscent of the kind of trading we saw last year.
With a steady buying pattern this week, Bitcoin users experienced steady gains in price with no signs of stopping soon. Interestingly enough, most of the trading seems to be occurring inside the United States rather than being dominated by the Chinese markets like what is usually the case.
If you examine the....
Here is Bitcoinist’s Bitcoin Market Wrap. It is been a relatively quiet week for Bitcoin, market-wise. Bitcoin has only fluctuated a couple percentage points every day, with usually a net difference of 1-3% daily. If we take a look at more traditional investments, 1-3% of the variation is a lot, but for Bitcoin in its current state, that is pretty stable. If we take a look at those same “traditional investments” they are down as well. For example, oil is under $2 per gallon in most states in the US, silver is under $17 an ounce, and gold is down $30 today, same with platinum.
To wrap the Bitcoin market, and the cryptocurrency network, in general, into one word, I would use the word unexpected. We were seeing the small $1-$3 fluctuations in Bitcoin for the greater part of the week, then the price broke out into a bull run. No one without insider knowledge saw this coming and caught many people by surprise. While refreshing to see Bitcoin up 10% for the next three days, it was certainly unexpected. There was no corresponding “good news” that would cause traders to start buying Bitcoin, so the most reasonable explanation is market manipulation.
This week we saw volatility that was a lot, even for the relatively unstable Bitcoin market. The week started at a low of $230, spiking all the way up to the $260 range that totals to a nearly 13% increase in price. Like many people expected, however, the price quickly fell back down and is currently hovering at just above $240, coinciding with the prediction I made in last week’s Market Wrap-Up. Despite all the turbulence in price Bitcoin has received this week, Bitcoin still ends the week with approximately 4.5% net gain.