Owners of BitConnect will keep a close eye on the price charts for the time being. Things have not exactly worked out as planned this past week. While BCC successfully surpassed $300, that success was rather shortlived. In fact, the price started retracing and is currently struggling to maintain the $290 level. Not a positive development by any means, but things aren’t looking terrible either.
Cryptocurrency markets are constantly evolving. This means the price can either go up or down, depending on the overall market sentiment. In the case of BitConnect, that sentiment has been uber bullish all year long. After all, for a currency which hasn’t been around that long, surpassing $300 per BCC is pretty significant. The bigger question is whether or not this altcoin can reach that value again in the near future.
BitConnect may Drop a bit Further
About five days ago, things were looking pretty good for BitConnect. The altcoin surpassed the $300 mark for the very first time. A joyous occasion, although the festivities ended abruptly. Ever since that time, the BCC price has been struggling to find a stable floor again. While these markets are volatile by nature, such swings are uncommon for BCC. Then again, every dip is a new buy opportunity presenting itself.
Such dips have occurred multiple times over the past three days. No major price losses have been recorded, though. However, all of this shows BitConnect may have reached its maximum potential for the time being. There is still some solid trading volume in place to prop things up at this point. It is doubtful the BCC price will drop below $250 anytime soon, but one never knows what the future may hold.
BCC Exchange successfully maintains its firm hold on the BitConnect market. Nearly 97% of trades in the past 24 hours happened through this platform. A remarkable feat, considering how this coin is listed on a few other prominent exchanges as well. Livecoin and HitbTC are not small trading platforms by any means. However, they can’t generate enough volume to make an impact on the BCC price right now. An interesting situation, to say the very least. Only time will tell what the future holds for BitConnect.