The bitcoin price has been moving slowly upwards over the last 24 hours. During Tuesday morning, one bitcoin was traded for about $9,373, and during Wednesday morning the price peaked at about $9,828, according to numbers from Bitstamp.
That is an increase of $455 – or over 4.8 percent. But so far the price is below $10,000.
“It’s great to see a slight upward movement now after a period of stagnant bitcoin prices. At the same time, many are predicting a decline to around $8,500, which can be a warning bell. The risk is that this will be a self-fulfilling prophecy when people get nervous and therefore sell their holdings with the intention of buying back at $8,500”, says crypto expert Totte Löfström to Trijo News.
Pretty stagnant bitcoin price
Bitcoin’s total market cap has also increased over the last 24 hours – from $168 billion to $174 billion.
Bitcoin currently represents 64.6 percent of the total market cap of all cryptocurrencies, according to Coinmarketcap.
On the whole, however, the bitcoin price has not moved much during the past week. The question now is where the price will go next.
“When the price is steadily around a certain level for a longer period, the risk increases of the next big change being downwards”, says Totte Löfström.
