Bitcoin is starting to look like a stablecoin


Reminiscent of the movements from the beginning of 2017

The Bitcoin price has been very stable for quite some time now.

Last week began with a price increase on bitcoin, from just over 9,000 dollars to about 9,350 dollars.

Over the past week, the price has been around 9,250 dollars – with a peak of 9,479 dollars on Wednesday afternoon and a bottom of 9,053 dollars this Friday morning.

At the time of writing, bitcoin is trading at around $ 9,300, according to figures from Bitstamp.

Been quiet for a long time now
The Bitcoin price has thus remained fairly quiet for some time now, which has led an analyst at Cointelegraph to start comparing the cryptocurrency with a so-called stablecoin.

According to the analyst, the stable and static price reminds him of how the bitcoin price behaved in early 2017.

That was the price around 900 dollars during the first three months of the year. This was followed by a sharp rise in prices of 300 per cent – and since then the price has only continued to rise until the end of the year.

Up or down
The big question now is whether bitcoin will recreate its movements from 2017 or whether the price of cryptocurrency has simply peaked and therefore turned downwards in the future, the analyst writes on Cointelegraph.

Bitcoin now accounts for 62.6 percent of the total market value of all cryptocurrencies, according to Coinmarketcap.