The Volatile Price Of Bitcoin
The price of Bitcoin continues to grow, and it recently hit values over $16,000. The cryptocurrency's values nearly doubled over the last two weeks. Institutional war chests are probably doing most of the movement at this point, considering that the market cap now reached nearly $300 billion. This raises the stakes for traders to new heights.
Different exchanges have been citing different prices over that time period. While everyone had the price of Bitcoin pegged at around $8,000 just 14 days ago, the Coinbase GDAX exchange approached the $19,000 mark. Most other exchanges had the price of Bitcoin positioned at a much lower value. These drastic differences are making it difficult to predict market fluctuations with any degree of certainty.
GDAX market specialists are still fixing the price of Bitcoin at over $17,000 while Bitfinex offers traders a single Bitcoin at a considerably lower price of around $15,500. Since the currency already more or less features volatility as a design specification, this isn't the best situation for those who are trying to get into the trading market. Prices have probably changed considerably by a factor of several hundred dollars in the last few minutes.
On the other hand, arbitrage opportunities abound and that could help correct market prices. Nevertheless, there's a great deal of congestion when it comes to network traffic trading Bitcoin and Ethereum blockchains. Gemini in New York City had to temporarily suspend withdrawals of both currencies because the odds of a transaction actually going through had gotten so low. Their experts didn't believe someone could actually finish a transaction they started.
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