Bitcoin price has been all over the place. Currently, it is trading around $ 8100. Many investors are trying to figure out in which direction, it will move in the future. However, with the dominance of Bitcoin decreasing, it seems like it will be slow on its rise.
Bitcoin hovering around the same levels
If you’re looking at the price movement of Bitcoin in the last couple of months, you will realize that it has been in the range of $ 7000-$ 10,000. It has been hovering around this range and has been briefly outside this range on either sides as well. However, more or less, it is spending time within this range. On the other hand, most of the other cryptocurrencies are too volatile currently. Ethereum was bucking the bearish phase initially but in the recent times, it has fallen pretty hard as well. It is in a sharp downtrend as well.
On the other hand, Ripple has been consistently breaking through new lows. This is the reason why it is not in a range and has been falling pretty consistently.
Also, Bitcoin is still the most dominant cryptocurrency. As a result, investors are scrutinizing it in much greater detail as compared to the other cryptocurrencies. This is the reason why it has been garnering so much attention.
Moreover, it is being traded in the futures market as well. This is another reason why the volatility is a bit less as compared to some of the other cryptocurrencies.
Currently, the news coming out of most of the economies in the world is not that positive for Bitcoin. This is another problem which Bitcoin is facing. The moment it rises a bit, some or the other negative news interferes with its movement. As a result, it is not able to rise consistently. This is one of the main problems which Bitcoin is currently facing.
If you’re looking to invest in Bitcoin, it might be a good idea to wait it out. Only when there is more clarity with respect to the regulatory framework, can you think about investing in Bitcoin. You have to keep this factor in mind and thereafter only you have to think about investing in Bitcoin.
Most of the investors were expecting negative news from the G20 summit. However, that hasn’t happened as well. It came as a big relief to most of the Bitcoin investors.