Bitcoin’s price has been behaving sticky over the last couple of days after seeing action during the initial part of the month. Investors and traders are in the "wait and watch" mode and not indulging in any active buying or selling; the drop in trading volume (low of 768 million on September 24) is proof of that. Mid-September, when Bitcoin’s price fell below $3,000 mark, trading volume had crossed $4 billion. The VC was trading at $4,900 levels on September 1 and moved below the $3,000 mark by September 14. The price bounced back to $3,900-$4,000 levels around September 18-20. It has been hovering in the range of $3,600-$3,900 since then.
Bitcoin’s price has been reacting to news coming in from China since the beginning of the month. However, as the dust settled, investors and traders looked beyond the warnings and announcements by Chinese regulators, and two broader trends emerged. The first being that this isn’t the first time China has intervened with Bitcoin’s existence in the country. Time and time again there have been issues, and each time the cryptocurrency has managed to circumvent them. The second being the decreasing reliance on China to propel Bitcoin trade. (See also: Upcoming ICOs Worth Your Attention[1])
Currently, the Japanese yen accounts for 47.3% of BTC volume by currency, followed by the U.S. Dollar with 32.52%, which adds up to almost 80%. China's share, which was hovering around 90% levels a year ago, is now condensed to 4.54%. While the South Korean won and euro are at 7.34% and 4.85% respectively, according to cryptocompare.
In terms of exchanges, Bitfinex (BTC/USD) commands 11.57% of trading volume, followed by bitFlyer (BTC/JPY) at 4.48%, Bithumb (BTC/KRW) at 3.97%, Bitstamp (BTC/USD) at 3.84% and Bittrex (NEO/BTC) at 3.64%, according to coinmarketcap.
The overall cryptocurrency market capitalization is $135.55 billion with Bitcoin dominating 47.6%. Eleven cryptocurrencies have a market cap in billions with Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC) being the top five.
The prices of cryptocurrencies have corrected due to the China crackdown. This in some ways has brought confidence in the markets as it lowered the perceived importance of the country to some extent. However, the range-bound movement in the markets is indicative that investors and traders are still looking for some clues before making the next move.
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