Bitcoin [BTC] has recently been in a stable state, as it has seen as little as a 0.43% drop since the time of writing. At the moment, BTC sits at approximately USD$6,435, without drastic changes like that experienced by altcoins.
A recent post shared by the Market Watch explored an analytical data provided by American financial market firm, CME Group. The bar chart dubbed, “CME Bitcoin Future Volumes”, takes a look at the number of bitcoin futures’ transactions from July 19 to August 20.
Looking at the month of August alone, it seems like the all-time high sat at approximately 8,000, which occurred on both August 8 and 13. As of August 20, the number of transactions sits slightly above 2,400, which is equivalent to a little under a third of its ath.
While this drop, which Market Watch deems as being 69 percent, might be worrisome for investors, eToro analyst, Mati Greenspan sees this trend as being ideal. In particular, Greenspan noted that the “steady price range is healthy for bitcoin as it increases its use as a stable store of value and gives developers of the network more time to build the infrastructure that will be needed going forward.”
Is Greenspan’s viewpoint a valid one? Is Bitcoin’s current stable stance an indicator of another price hike?