Even though quite surprising, the Bitcoin managed to jump for several dollars in the past two days and almost hit the $450 mark. The cryptocurrency has been very unstable lately, with its value constantly moving up and down for several dollars. The current trading price of the currency we can spot on the price chart is relatively positive $449.57.
Before moving on the our standard overview of the chart, the indicators and the other important Bitcoin-related segments, we would like to first mention several separate events that got out attention. Namely, a large amount of coins has been stolen from a Hong Kong exchange, plus Bitcoin’s rival Ethereum is once again attracting lots of global media attention. Most importantly, the Bitcoin production is expected to drop by half in July.
Ethereum in the Spotlight Again
Ethereum, a cryptocurrency many consider to be Bitcoin’s main rival and possibly successor, is once again in the spotlight. After several days ago traders received the news that Coinbase was going to add the currency on its trading platform, the founder of the company has now started endorsing the Ethereum as well. Fred Ehrsam claims its scripting language makes creating apps easier than the one used in Bitcoin.
Additionally, reputable magazine Vox has dedicated a whole article on the Ethereum explaining why the cryptocurrency was now worth $1 billion. The author goes a step further predicting that this one could soon take over Bitcoin’s place as world’s most popular digital currency.
If we put the Ethereum aside and focus on the currency that is our prime interest, we have one positive and one negative piece of information. The first one is related to the production size of the currency, which is expected go down by half in July. Experts have been speculating what this would mean for the currency, especially since in the past such events resulted with price jumps. Considering the fact the Bitcoin seems stuck around the $450, if there’s a price boost we may see one or more milestones hit in no time.
The latter Bitcoin-related news, however, points out one weakness of the cryptocurrency; namely, hackers have managed to access hot wallets of Hong Kong exchange Gatecoin and steal $2 million in Bitcoin and Ethereum. The company has offered a bounty of 25% and lifetime free trading on the platform for the return of any stolen coins.
Strong Buy Signal Predicts Further Price Improvements
In the past few hours the price per coin has been constantly growing. From low $441 two days ago, today the value of the Bitcoin has almost hit $450 when the day’s high of $449.49 was hit about half an hour ago. The chart shows a steady upwards movement and there’s no reason to believe that it will change in near future.
The market cap has improved as well; more precisely, the $7 billion milestone has been reached once again and today the exact value of the market capitalisation is $7,011,491,887. The volume has settled at $67,161,200, a number higher than the one saw on Monday.
Even the technical indicators and the moving averages are very positive when it comes to Bitcoin’s future; a total of nine (out of 11) indicators send a strong buy signal. This identical signal is received by all simple and exponential moving averages too. Only two indicators are neutral, but we’re already used to seeing the STOCHRSI and the Williams %R showing signs of the Bitcoin being overbought.