Bitcoinist WeeklyNews Re-Hash:
This week, we saw a significant amount of growth in the Bitcoin price, following several weeks of relatively calm market activity. Starting in the high $230s — carrying on the trend from last week — the price quickly rose to $240 and beyond.
Daily Bitcoin Price Action
- October 5: $238.70
- October 6: $240.46
- October 7: $246.27
- October 8: $244.26
- October 9: $243.61
- October 10: $245.10
- October 11 Open: $245.14
- October 11 Close: $247.84
Total Change: +3.83%
Monday, October 5, 2015 kicked off the week with the Bitcoin price at $238.70, riding that mid-to-high $230s range that persisted throughout most of last week. After three hours of very slight decline, the markets gained upward momentum that lasted for the rest of the day. The price reached $240 at 5 PM, and stayed in the low $240s for the rest of the night.
In Monday’s news, we reported on Poloniex enabling a trading market for Factoids, the tokens powering the popular Factom protocol. Poloniex is a well-known cryptocurrency exchange, and its addition of Factoids makes it the first trading platform to add the tokens.
Tuesday started at $240.46, holding on to that $240 range established in the previous day. The price stayed fairly sideways for the first several hours of the day. Then, at 8 AM, the price began rising, and jumped sharply at 10 AM. Within the 10 AM hour, the Bitcoin price rose a full three dollars — from $243 at the top of the hour to $246 at the close. At 11 AM, the price rose another dollar to $247, and even hit an hourly peak of $248.19. The markets held between $246 and $247 for the remainder of the day.
Wednesday, October 7 began at $246.27, up almost a full $6 over the start of the previous day. However, the markets entered a decline during the morning, sending the price back to the mid $240s, even hitting $242.30 at some point during the 6 AM hour. The markets settled at this mid $240s range and stayed there until the early evening, when the Bitcoin price fell again. At 5 PM, the price fell from $245 to $243, where it stayed for the rest of the day.
Meanwhile, in the news, we reported on the launch of BitX’s “Smart Wallet,” adding yet another option to the long list of mobile Bitcoin wallets. The BitX wallet comes with features like in-app buying and selling, as well as being able to learn user behavior as a way to improve customization.
October 8 started out with the Bitcoin price at $244.26. Market activity stayed quiet for most of the day. Aside from a brief drop in the early morning, the price remained relatively steady until the afternoon. At 3 PM, the price entered a decline, and gradually slid downwards until 8 PM, where it bottomed out at $242. The price recovered slightly during the night, rising to $243.
On Thursday, we published an interview with BlockChainGroup.io President Shone Anstey. In this interview, our Editor-in-Chief Scott Fargo talked to Anstey about the company’s new blockchain analytics engine, which offers unique features that set itself apart from other blockchain explorers and data compilers.
Friday October 9 opened with the price at $243.61, slightly lower than the start of the previous day. Friday’s market activity was quiet with a hint of upward movement; the Bitcoin price returned to the mid $240s range by the end of the day.
Saturday began at $245.10, staying within the mid $240s range that was reclaimed on Friday. Saturday’s activity mimicked that of the previous day, although its upward movement was a bit more aggressive. Unfortunately, the price didn’t see much net growth, because the upward momentum didn’t hit until the price fell back to the low $240s. Therefore, the bulk of that modest momentum was spent rebounding from the brief fall.
Sunday, October 11 opened with the Bitcoin price at 245.14, well within the range established the previous day after the rebound from the low $240s. The price stayed extremely flat during the first half of the day, staying firmly at $245. Then, at noon, the price jumped upwards to $247, and proceeded to remain in that territory for the rest of the day. Sunday ended — thus closing out the week — at $247.84, making for a net gain of 3.83% for the week.
What will Happen Next Week?
This week’s notable growth occurred rather gradually, rather than a brief spike towards the end of the week. This kind of slow and steady growth is often indicative of changing market sentiments, meaning that these gains may have some staying power. However, that is not always the case, and a slow growth could very well be hesitant yet optimistic speculation, which can be liquidated as soon as reality diverges from the speculators’ expectations. Therefore, depending on what is truly driving this increase, the Bitcoin price could sustain its high $240 levels and flirt with $250 throughout next week — possibly breaking the barrier. Or, on the other hand, these prices may persist for a few more days while the speculators feel out the markets, and will move either sharply upwards or downwards depending on speculative sentiments.
What do you think will happen in the Bitcoin world in the coming week? Let us know in the comments below!
Images courtesy of Poloniex,
The opinions expressed in this article are not necessarily those of Bitcoinist.net.