The bitcoin prices continued their bounce from the lows that was seen a couple of days back and so far, the prices seem to have steadied themselves and we do not see the kind of volatility and panic selling that we used to see in the market till about a couple of months back. No longer do we see huge rise and falls in the prices on a daily basis and this is a sign of maturing of the market and the arrival of large investors and traders in the market who have seized control of the prices and have now ensured that the volatility is within the acceptable limits that they can deal with. Till a few months back, the prices and the markets were under the control of speculators who would want large moves within a day so that they could make quick profits.
BTC Prices Steady
But with the entry of the large traders and investors and the dying down of the volatility to more acceptable levels, more and more speculators have moved out of the bitcoin market seeking other coins where greater levels of volatility and hence greater levels of risk and return to their liking, exist. This is the reason why we are increasingly seeing that the bitcoin prices do not jump and react to each and every small news event that keeps jumping up from different parts of the globe.
The ETH market also continues to trade in a buoyant manner as the prices are now in the $850 region as of this writing and we believe that the prices would continue to rise in the short and medium term as well. This market also seems to have settled down fairly well and hence now the traders can trade with a clear mind and with a clear direction as well.
Looking ahead to the rest of the day, we do not have any major fundamentals affecting the BTC or the ETH market as of now and with the Asian session almost halfway through at this point, we can expect some quiet trading in both the BTC and the ETH markets for the day. The BTC prices should continue to range between the $8000 and $9000 regions while the ETH prices should hold sway between the $800 and the $900 regions.
This article was originally posted on FX Empire