This week, the Bitcoin (BTC) market has shown positive performance compared to previous weeks. Currently, it is displaying improvements following a period of low volatility and trading volume. The price of Bitcoin stands at $27,272.73 today, marking a 2.82% increase in the past 24 hours.
Additionally, the 24-hour trading volume for Bitcoin amounts to $13,098,817,509 with a market capitalization of $531,530,082,261. The total circulating supply of BTC is recorded at 19,489,431 coins. In summary, Bitcoin prices have risen by 8.24% over the last seven days. A week ago, the BTC market experienced a significant decline with the price dropping to $24,998.86.
During this time, the crypto market demonstrated a deviation from traditional markets by outperforming bitcoin. Several factors influenced the price of bitcoin over the past week. For instance, the US economic data revealed a higher than expected inflation rate in August, placing pressure on the Federal Reserve to reduce its stimulus measures.
Furthermore, a major hack on Poly Network, a cross-chain protocol enabling interoperability between different blockchains. The hacker managed to steal over $600 million worth of various cryptocurrencies, including bitcoin. This news impacted market sentiments. Therefore, BTC market experienced a significant increase in uncertainty and volatility, causing a decline in both trading volume and liquidity.
Bitcoin prices Are Uncertain And Difficult To Predict For The coming Weeks
The upcoming weeks pose uncertainty in predicting the future of BTC price. Various factors contribute to this unpredictability of BTC prices. For example, institutional interest, regulatory developments, technological innovations, and macroeconomic conditions. Hence, it becomes crucial to monitor market sentiment and external factors that can impact the future BTC prices.
Some analysts expect a substantial movement for Bitcoin this week. They stated that Bitcoin’s can be moved upward or downward depending on how these factors unfold. For example, Bitcoin may experience some turbulence in the coming weeks. The U.S. Securities and Exchange Commission (SEC) has decided to postpone its decision on spot bitcoin exchange-traded fund (ETF) applications until October. It is unexpectedly affecting the market.
As a result, coin’s value has dropped significantly to $25,000 and caused a resurgence of the consolidation phase. However, despite this decline, Bitcoin has still seen an impressive 57.06% year-to-date growth in 2023. Though it currently stands at a 62.51% discount from its all-time high of $69,000.
Moreover, it could face some competition from other cryptocurrencies in the coming weeks. As some altcoins are showing strong performance and innovation, reported by CoinMarketCap. For example, Cardano recently launched its smart contract platform. Solana reached a new all-time high of $216. Avalanche announced a $180 million DeFi incentive program. These possible scenarios and trends could potentially impact the BTC price.
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“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
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