Bitcoin’s (BTC) Price Continues to Rebound from Previous Dip
By Harry Biswell – Crypto Specialist
The Bitcoin (BTC) price has climbed to 9,330 USD after multiple weeks of hesitant price action. In a sudden soar, the price rose 100 USD within 30 minutes. For those buying and selling Bitcoin on the futures trading platform BitMEX, the surge in the price liquidated 23 million USD of shorts, showing an expected downward trend to take place.
According to the cryptocurrency trading analytics platform Datamish, a report showed that as many as 192 traders changed their trading stance from short to long, anticipating that the price will increase.
The price of Bitcoin has been uncharacteristically flat for the past two months. After crossing its 10,000 USD mark on 2nd June, the price slowly reduced to the low 9.000s USD, where it has held itself for ten days. With today’s abrupt spike, the asset’s market capitalisation has climbed too, jumping to 171 billion USD. Notwithstanding its recent dip, this has allowed the leading coin’s market dominance to rise back to 62.4%.
The volatility of Bitcoin’s price and market conditions are not uncommon. While trading volumes have dropped to as low as 12 billion USD earlier in the week, trading activity has rebounded back to up to 16 billion. The market to buy altcoins is also faring well, with the value of Ethereum (ETH) up 2.1% and Litecoin (LTC) 3.2%. Other coins, including Chainlink (LINK) which dropped 4% and Stellar (XLM), which fell by 2.2% remain in the negative red.
The price action of Bitcoin came not long after the network had reached a small landmark in its contribution to financial services. According to the director of business development at the cryptocurrency trading platform Kraken, Bitcoin’s ecosystem has now sent 2.6 trillion USD of value since it was launched in 2009. Based on the amount of coin transferred and its price at the time, this totals on average an approximate 236 billion USD in transactions per year.