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Bitcoin Breakout Soon: Track for Narrow Weekly Gain as Outlook Brightens

As crypto markets showed renewed stability following a tumultuous end to 2018, Bitcoin edged slightly lower on Friday but was on track for a narrow weekly gain.

Despite this pullback, bitcoin is on track for a weekly gain of 1.5%. Although hardly inspiring, the narrow fluctuation means stability is slowly returning to the market.

In last 24 hours CoinMarketCap show an average price of $3,817.72, a decline of 1.9%, Bitcoin’s price is currently trading as low as $3,782.68 on Gemini and as high as $3,911.00 on Bitfinex, based on latest available information. Bitcoin’s price is currently trading as low as $3,782.68 on Gemini and as high as $3,911.00 on Bitfinex, based on latest available information.

Bitcoin’s daily trade volumes reached $4.5 billion on Friday, with spot markets making up roughly 85% of the exchange-based activity. At current values, BTC has a total capitalization of $66.6 billion for an overall market dominance rate of 51.1%.

Bitcoin edged slightly lower on Friday but was on track for a narrow weekly gain, as crypto markets showed renewed stability following a tumultuous end to 2018.

Bitcoin Price Update

Bitcoin’s price is currently trading as low as $3,782.68 on Gemini and as high as $3,911.00 on Bitfinex, based on latest available information. Aggregate data courtesy of CoinMarketCap show an average price of $3,817.72, a decline of 1.9% over 24 hours. Despite this pullback, bitcoin is on track for a weekly gain of 1.5%. Although hardly inspiring, the narrow fluctuation means stability is slowly returning to the market.

 

 

This can also be confirmed by the bitcoin volatility index, which tracks daily fluctuations in the underlying price over a 30-day or longer timeframe. Since peaking at 5.98% on Dec. 18, the 30-day volatility index has declined to 4.53%.

Bitcoin’s daily trade volumes reached $4.5 billion on Friday, with spot markets making up roughly 85% of the exchange-based activity. At current values, BTC has a total capitalization of $66.6 billion for an overall market dominance rate of 51.1%.

Bakkt is prepared to offer physically-settled bitcoin futures, which means actual units of BTC will deposited into investors’ accounts from a digital warehouse at the end of the contract period.

There’s strong reason to believe that Bakkt will be a major hit with investors. For starters, the company has already raised $182.5 million in private funding from the likes of Boston Consulting Group, Galaxy Digital, Alan Howard and Microsoft, among others. It will also introduce custody solutions to a market that traditional investors say desperately needs it.

In terms of bitcoin’s actual price, a technical indicator tracked by Bloomberg suggests the digital currency is enjoying its longest buying streak in six months.

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