Bitcoin MarketWrap Up
With a positive gain of around $20 this week, Bitcoin seems to be rebounding, perhaps for a potential break through the $300 barrier once again. The small bump in price is most likely associated with the positive news surrounding Gemini, the Bitcoin exchange in the making brought to you by the Winklevoss twins.
If you haven’t heard yet, the Winklevoss twins have taken one step further to making Gemini a public exchange for the average trader. By submitting a New York trust application, which is required if they want to launch their exchange, Gemini is taking all the proper steps to be officially recognized as a legitimate buisness.
“…have filed a New York trust application necessary for them to launch their Gemini bitcoin exchange. The move won’t put Gemini on the same level as a bank if it’s approved, but it will let the exchange accept deposits, issue loans and serve as an agent for government institutions. –Engadget”
Since the announcement, Bitcoin has overcome the $290 barrier and is hovering between $292 and $293 as of the time of writing. Volume looks manipulation-free, with a current volume of just shy above $17 million.
If momentum continues for Bitcoin, we will once again be expecting a USD price for Bitcoin that’s above $300. If both price gains and volume gains increase slowly, the greater the chances are of market conditions of Bitcoin stabilizing at a price point like this.
Altcoin Market Analysis
The fuel behind this recovery seems not to stem from any influential news, rather simple market equilibrium. If the price dips low enough for any commodity, people will start buying. The imminent block halving of Litecoin (estimated to halve from 50 LTC to 25 LTC per block in ~30 days) seemed to accelerate the process in which price recovered from the selling.
Bytecoin and Counterparty are also up this week with similar percentage gains, followed by Dogecoin with a 10% gains this week too.
While this week didn’t make any records in sheer market movement for Bitcoin or altcoins, the market is filled with steady gains, a trade I prefer any week. It’ll exciting to see if Bitcoin breaks through $300 again, or needs another push to finally reach $300 and stay above it.
What are your predictions for next week? Will we see BTC above $300? Let us know in the comments below!
Photo Sources: CMC
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