At press time, bitcoin is trading for just under $10,600 ($10,591 to be exact). This is a shade better than where it was yesterday when it originally fell from $10,700+.
Bitcoin Has Become Somewhat Stagnant
The price of bitcoin has been going through several highs and lows over the past two weeks. Originally, the currency had been trading in the $10,000 range for quite some time, only to suddenly (and unexpectedly) fall into the mid-$9,000 range and reach a low of $9,400, a price it hadn’t been trapped at in some time. Now the price has moved back up, which is certainly reason to celebrate.
At the same time, however, how long are we expected to just sit around and wait for bitcoin to move and potentially reach new heights? It meanders all over the financial ladder and doesn’t seem to shift positions as often. This is good in the sense that perhaps the coin is stabilizing somewhat, but it’s still not at the $13,000 high it was at in early July. Two months ago, bitcoin seemed poised to strike 2017 territory, but that seemingly hasn’t happened yet.
One source brings up an interesting question: has bitcoin become boring? This piece is looking at the technical charts and trying to make light of the trends that seem to be following bitcoin everywhere it goes as of late. Sadly, it’s not suggesting that bitcoin will reach the same heights that it did at the end of 2017, which can mean only one thing: if we’re lucky, bitcoin will stay as it is or move just slightly higher.
Best case scenario is that it doesn’t drop any further, but for a lot of us, this simply won’t do. We’re eager to get back to the days of when bitcoin shot up without warning; when it expanded and added several hundred (or several thousand dollars) to its price within a set period. Those days were exciting, and while bitcoin has indeed shown bullish behavior since April of this year, we can’t help but want more.
Apparently, this happens with many different assets, gold being a primary subject. One ounce of gold has shot up this year into the $1,400 and $1,500 ranges. The problem, however, is that an ounce of gold was trading in the $1,200 range just a few years ago. Thus, not much has happened with gold in the long run.
Maybe BTC Really Is the New Gold
Gold is an interesting asset in that it’s designed to remain stable throughout economic turmoil. Thus, in many ways, it makes sense that the asset wouldn’t move around as much. However, bitcoin seems to be taking a similar path, and it’s unclear if (or when) it might show more signs of an oncoming rally.
Let’s not forget, though, that there’s still four months left in the year, and that with crypto, anything can happen.