After wild price swings over the weekend, the price of bitcoin held steady in the last 24 hours. At 14:48 UTC, bitcoin was trading at $6,559.10, more or less unchanged from its price 24 hours ago.
Bitcoin cash, which rose over the weekend and plunged Monday, gained in trading. As of this writing, it was trading at $1326.96, up 11.25% in the last 24 hours. That figure represents a drop of approximately 47% from its weekend highs.
Ethereum Classic was the second-biggest gainer in the top 10 most-traded cryptocurrencies. It rose by 10.81% to $17.22. The total market capitalization for cryptocurrencies was $207 billion at 14:50 UTC, an increase of 1.5% in the last 24 hours.
The sideways movement in bitcoin’s price is significant, especially since it comes in wake of a Bitcoin Cash hard fork that was designed to make it more profitable to mine the cryptocurrency as compared to bitcoin. (See also: How November's Hard Fork Affects Bitcoin Miners.)
Per latest data, bitcoin still accounts for more than 50% of the overall hashrate or network capacity in its blockchain. In turn, this means the numbers of bitcoin being mined in the cryptocurrency’s blockchain network is greater than those for bitcoin cash. In recent times, miners had spoken out in favor of deploying their systems to mine bitcoin as opposed to bitcoin cash. (See also: How Does Bitcoin Mining Work?)
Also, CME Group Chairman Terry Duffy has told CNBC that the trading exchange may introduce Bitcoin Futures during the first week of December. That move may serve to smooth out volatility in bitcoin’s price. “If the market drops precipitously, we’ll stop trading," he said. "And if we think a product is going away, we have the longs, we have the shorts; we’ll match them up at a price, and that’s the way our rules read today."
A Future Spike?
In the meanwhile, a spike may be on the cards for bitcoin in the near future. According to a CNBC report, which cites data from Genesis Global Trading, the price for bitcoin could move up by as much as 61.5% by the end of four weeks. Genesis analyzed bitcoin’s recent price history and found that each time the cryptocurrency has fallen by more than 20 percent this year, it has gained an average of 28 percent in the following two weeks.