Market Wrap: Crypto Market Cap Breaks $1.5T as Buyers Show Up for the Dip
Buyers showed up quickly to reverse the crypto market dip through Monday.
Bitcoin breaks $34K while ether futures continue to gain steam.
Bitcoin has been trending higher for two days but ether is in the spotlight now.
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.