Will Bitcoin Continue its Downward Trend?
Bitcoin's (BTC) price has taken another hit following yesterdays dips. The world's first cryptocurrency has seen its price decline by another 3.99% today and is trading at $8,816 currently. These are the lowest rates Bitcoin has seen since January, earlier this year.
The wide majority of altcoins have seemingly followed Bitcoin's lead and have also declined in price. Ethereum (ETH) has declined by 3.84%, XRP has declined by 1.36%, ant Litecoin (LTC) took a harsher dip with a 7.78% decline.
There were a handful of altcoins that have managed to increase in price against the red tide. This includes Tezos (XTZ) which gained 10%, Chainlink (Link) which gained 8.88% and Bitcoin Cash (BCH) which gained 1.23%.
Bitcoin's Trading Volume at an All-Time-High
Despite a decline in price, Bitcoin's trading volume seems to be at the highest levels it's seen ever. The current 24-hour trading volume of Bitcoin has reached $52,553,304,301 according to CoinMarketCap. On December 17th, 2017 when Bitcoin's price hit it's all-time-high, the 24-hour trading volume was $15,032,093,696.
Bitcoin's trading volume in February seems to be very high in comparison to the rest of Bitcoin's history as a tradable asset. Its lowest mark seems to have been on February 2nd when trading volume was nearly half of its current volume at $25,751,036,734. Bitcoin was trading at $9272 at that point.
The high trading volume of Bitcoin seems to indicate that some are cashing out while others are "buying the dip" so to say. While Bitcoin's price could continue to slightly decline, this could be a sign of Bitcoin's recovery in the mid to long term.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado