Turns out some of the guys on Wall Street said that Bitcoin has failed, but that hasn’t stopped trading, even if the daily volume was only around 39 Million USD. However, the weekend trading is usually a little lighter, and here are some of the surprises that came forth.
First, DASH did as its name suggested and made a run for it, and is sitting at $4.78, up approx. 25% over the weekend, and showed strong growth even though the volume was below a million (around $650,000 USD).
Ether continued to make gains, busting above the $1.30 price point, which is one of its upper levels, and one of the stronger gains made by relatively new coins.
Bitcoin bounced to around $385.00 USD, and continues to hover around that point, and after discussion with some analysts who are involved in the Options trading metrics. For those that don’t know about Binary Options, it is a strategy where bettors can place a bet on whether the price of a commodity will rise and fall. If there were a group who were influential enough to drive the price of bitcoin down to a level like we saw over the weekend, then the payouts on the Binary Options would have been huge.
While many platforms are wise to this style rigging, it may have been one of the reasons that the sell-off occurred. Others suggest that it was a reflection of the Oil markets, and general currency markets, and still others are just waiting to see what happens in the up coming week once the commercial traders come back to their desks and revisit the trading helm.
Others are concerned that the block size may also limit the trading of Bitcoin, but the savvy traders have been monitoring this for some time, and doubt that this will reduce the value, and may in fact, actually increase the price point, especially as the next generation of space communications and satellite communications may require larger packets for intergalactic transfer across greater distances.