Voyager Digital (OTC:), the crypto trading platform with 1.6m verified users and 61 digital coins available, has just released its 24-hour and weekly trading data. Below is a commentary from Voyager CEO & co-founder Steve Ehrlich, discussing the rebound in price.
Rebound In Bitcoin Price
Bitcoin took a serious hit last week due to the increased crackdowns in Bitcoin miners in China, and despite analysis that predicted further price weakness, Bitcoin climbed over 15% over the weekend with continued momentum this week.
While Bitcoin remains in our top weekly net buys, we are seeing other altcoins gaining popularity in the wake of its dip, including and which took the top two spots for the week.
SHIB, ETH, , and were among the top net buys in the past 24 hours. Bitcoin did not make the top net buys for today. We may see Bitcoin struggling to regain positive price momentum in the short-term, but I believe it will come out on the other side even stronger, as we have seen historically with the major coin.
There is a positive side to all of this in the grand scheme of the crypto world. The Chinese government's crackdown on Bitcoin mines in the country has forced miners to move their operations elsewhere, including Kazakhstan and parts of the U.S. such as Florida, Maryland, and Texas. In the long-term, this could be a good thing for Bitcoin as mining is no longer concentrated in one region and allows it to remain a truly decentralized currency. Until recently, China accounted for about 65% of all the Bitcoin mines in the world. It may take some time for Bitcoin to really rebound and for miners to re-enter the space, but I believe it's going to have a strong comeback.
The price swings only reinforce the idea that volatility is a fundamental part of a nascent and expanding market. Investors are still buying the dip, as well as other altcoins, as they are confident in the blockchain technology that powers cryptocurrencies, and many are in it for the long haul.
Top net buys for this week (6/22-6/29)
Biggest rank gains (by net buys week-over-week, 6/15-6/22 vs. 6/22-6/29)
Top net buys for today
Biggest rank gains (by net buys 24-hours)