As of today, Bitcoin appears to be back up over the $45,000 mark, which is inspiring for BTC bulls.
“Bitcoin has clawed back lost ground from Thursday’s 2.4% sell that saw the crypto reach a low of around $43,800,” writes Sebastian Sinclair at Coindesk. “The world’s largest cryptocurrency by market value was up 1.5% over a 24-hour period by press time and is currently changing hands for around $46,100.”
“It seems nothing can keep Bitcoin bulls down for long as lower levels dissipate overnight and $47,000 is back on the cards,” adds William Suberg at Cointelegraph. “Bitcoin (BTC) staged yet another classic comeback on Friday as a day of losses abruptly flipped positive.”
Where some of these analysts suggest that conservative traders may still be eyeing further Bitcoin acquisitions, others still contend that Bitcoin is due for a correction after various questions around its energy dependence. Earlier in the year, the coin sank after criticism by Elon Musk, who is said to hold an astounding amount of Bitcoin in the capital reserves of his electric car company Tesla.
In past days, we’ve seen tangible evidence of Bitcoin’s staying power, with significant increases in both per-coin prices and the value of assets like Grayscale’s Bitcoin Trust (GBTC) which posted gains of around 10% this week
At the same time, others are suggesting that altcoins will have their season in the sun as well – and then there’s the new interest in NFTs demonstrated by OpenSea’s current numbers. In short, BTC has a lot of competition.
Has all of that competiton led to lower BTC trading volumes this time around?
“While the recent price movements have seen an increased amount of activity in the markets, trading volumes globally are nowhere near where they were the last time the price was at $45,000 – they’re much lower,” said Janine Grainger, co-founder of Australia-based exchange Easy Crypto, as quoted in Sinclair’s piece.
Look for key activity on the markets to buttress your cryptocurrency investment strategy.