Bitcoin Price on Verge of Weekend Plunge Recovery

UTC by Steve Muchoki · 2 min read
Bitcoin Price on Verge of Weekend Plunge Recovery
Photo: Depositphotos

As the volatility spikes by the day, Bitcoin’s average transaction fees have scaled to their highest since 2018, around $13.82.

Bitcoin price had continued its recovery from the weekend’s plunge on Tuesday. Notably, the asset dropped from trading its all-time high around $41k to around $30k. However, Bitcoin price at the time of writing was trading around $35k according to metrics provided by CoinMarketCap.

Having jumped around 4% in the past 24-hours, most analysts infer that the Bitcoin price drop was a healthy market correction. Particularly due to the fact that the asset has formed a new support level for future reference in case the market prices were to plummet. Others argue that most bitcoin units are now under long-term investors’ control after buying the dip.

Bitcoin trading volume has surged to an all-time high in most exchanges led by the top ones, including Binance and Coinbase. News outlet Cointelegraph reported that Bitcoin’s real 24-hour trading volume is about $22.3 billion according to crypto research firm Messari. Meanwhile, crypto exchange Coinbase recorded about $3.5 billion in trading volume according to data from crypto analytics provider Skew. Furthermore, the exchange reported a total trading volume of $9.5 billion on Monday, its all-time high.

Bitcoin’s volatility has spiked in the recent past as more retail and institutional investors flocked to the market. Market data provided by CoinGecko indicates the asset is up over 86% in the past 30 days. Besides, the asset has climbed approximately 29.5% and 11.4% in the past fourteen days and seven days respectively.

As the volatility spikes by the day, Bitcoin’s average transaction fees have scaled to their highest since 2018, around $13.82. Meanwhile, Bitcoin’s hash rate is at its all-time high around 159.162 Ehash/s according to Bitinfocharts.com.

Is It a Recovery of Bitcoin Price?

As Bitcoin price rallies further from its 2017/2018 all-time high, global investors and regulators are coming in to throw their market perspective. One notable investor is billionaire Mark Cuban who tweeted that the current crypto rally is similar to the internet stock bubble of the 1990s.

However, he further highlighted that Bitcoin, Ethereum, and a few other crypto projects will thrive past the bubble but most will fail.

On the other side, the UK’s Financial Conduct Authority warned crypto investors that they could lose all their money in the crypto industry. “Significant price volatility in crypto assets, combined with the inherent difficulties of valuing crypto assets reliably, places consumers at a high risk of losses,” the regulator noted.

Bitcoin News, Cryptocurrency news, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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