Bitcoin Price Moves Sideways During Holiday

Bitcoin markets have been extremely bearish leading up to Christmas day on December 25, 2017. At the moment the price of bitcoin core (BTC) is hovering between $14,000-14,300 on many trading platforms worldwide. However, there has been some significant price spreads between a few exchanges leading people to try and obtain some arbitrage. For instance the price per BTC on GDAX is currently $14,400, and at times the price has been $200-400 higher over the past three days. Bitcoin trade volume worldwide for a holiday is pretty decent as $10Bn worth of BTC has been swapped in the past 24-hours.

Cryptocurrency markets, in general, are mostly in the green right now and the top five digital assets are also healing their wounds. Ethereum (ETH) markets have done considerably well during the dip, and the price of ETH is up 15 percent at $765. Bitcoin cash (BCH) markets are up over 7 percent right now as one BCH is roughly $2,992 per token. Ripple (XRP) is still maintaining a dollar average and markets are up 3.4 percent. Lastly, litecoin (LTC) markets are also up 3 percent, and the price per LTC is hovering around $276 at press time.

Overall traders are confident the prices have deflated because the price shot up at exponential speeds and was due for a correction. Also many suspect that people have “cashed out” for the holidays and the upcoming tax season in certain countries. Overall after rallying for over 45 solid days and almost touching $20K, it seems bitcoin core and a score of other digital assets are trying to find their fair market value.