Bitcoin prices remain volatile but well above $ 4,000 as the belief that its value has reached a milestone increases.
An analysis of trade data from Coinmarketcap shows volatility of around 4.5% in the 24 hours leading up to press time, coupled with consistently high trading volumes.
Bitcoin’s price performance continues to outperform the majority of major altcoin assets, many of which continue to slide in a lackluster sentiment as investments pour into Bitcoin.
Trade volumes compiled by Dance of the pieces for LocalBitcoins and Bisq (formerly BitSquare) show further increases for both platforms after a period of declining activity. Paxful also continues to gain ground.
Meanwhile, Bitcoin’s stabilization above $ 4,000 has led to suggestions that it will “never” fall below $ 3,000.
Sentiment across the industry and beyond remains bullish after the virtual currency’s huge rise this week.
Now, several factors are contributing to opinions that Bitcoin will hit $ 10,000, but not drop below levels celebrated as all-time highs just a month ago.
These include support from “eminent” analysts, a post on Reddit Explains, Russia’s Bitcoin Mining Plans, Blockchain Capital Inflow From What Union Square Ventures’ Fred Wilson Called “Stupid money” and others.
Nonetheless, some sources continue to express their caution, with BlockTower Capital CIO Ari Paul not ruling out a “collapse” at 50% of current prices, but adding that this would still place Bitcoin firmly ahead of alternative assets for 2017.
If Bitcoin collapses 50% from current levels, it will still beat all asset classes for 2017 returns.
– Ari Paul (@AriDavidPaul) Aug 15, 2017