The price of bitcoin (BTC) has rebounded significantly since our last markets update. BTC markets reached a high of $16,100 across many global exchanges around 11:00 am EDT on December 26. The price spike is a big jump from yesterday’s weighted global averages of $13,800-14,000 per BTC on Christmas day.
After the Holiday Lull Crypto-Markets Bounce Back. BTC prices have bounced back and are trading between US$15,700-16,100 at the time of writing.
Cryptocurrency markets are rebounding today as 9 out of the top 10 digital assets are seeing gains between 1-16 percent. Bitcoin core (BTC) markets have seen the most significant percentage gains and the most volume during the bounce back. At the moment traders are swapping over $12.7Bn worth of bitcoin during the course of the past 24-hours. BTC markets are up 16.2 percent and its market capitalization is around $270Bn. This metric has improved BTC dominance among the 1382 other digital assets by 45.8 percent, after it reached a low of 42 percent over the holiday weekend.
Overall digital asset traders are optimistic about the increase after experiencing one of the year’s biggest drops in value. The rebound has been a breath of relief for those not used to the big tumbles after cryptocurrencies spike in value. However, some skeptics don’t believe we are out of the woods just yet, and bears could attack this coming New Years weekend again. Other more positive individuals think we will be reaching more all-time highs at the beginning of 2018.
Bear Scenario: Order books on the buy side are much thinner than the sell side, but are definitely stronger than prior to the last ATH. Although, if bulls can’t manage to keep the upwards pressure going $13-14K prices are still in the cards at this vantage point.
Bull Scenario: Buyers have done a great job bouncing back from the holiday lulls which has required a lot of energy. If bulls can manage to muster up even more strength, we will see prices touch the $16,500 zone in the short term. From there they have a harder fight ahead of them.
Where do you see the price of bitcoin heading from here? Let us know in the comments below.