It has become somewhat difficult not to repeat ourselves as far as the Bitcoin price is concerned this week. After a solid week overall, the Bitcoin price has reached its third all-time high of the past few days. With the value now sitting firmly above the US$7,500 mark, there is no way of telling when this party will end. Some people still feel BTC is vastly undervalued, which is a somewhat plausible assumption.
The Bitcoin Price Soars Past $7,500
Any expectations or predictions people may have made regarding the Bitcoin price earlier this year have been thrown out the window by now. Most year-end predictions pegged the value per Bitcoin at well below US$3,500. That particular milestone was reached successfully a few months ago. In hindsight, it seems that was only the beginning of what was to come for the Bitcoin price.
The past week especially has been filled with major milestones for the Bitcoin price. Not only did we surpass US$7,000 for the first time, but we also broke through the US$7,500 barrier. That in itself is pretty amazing, even though the vast majority of trading has revolved around speculation rather than the inherent value of Bitcoin. Then again, no one can accurately claim to know the real value of Bitcoin. Nor do we know if it should be expressed in terms of fiat currency either.
As of right now, the Bitcoin price is sitting at a level very few people ever expected to see. One Bitcoin is worth US$7,582 at the time of writing, which is a lot higher compared to January of this year. The year 2017 has been amazing for Bitcoin in the price department, although there is still a very real chance we will see a correction sooner or later. Especially with SegWit2x around the corner, volatility will only become more prevalent.
With the Bitcoin 24-hour trading volume still holding firm at US$2.3 billion, the demand for the world’s leading cryptocurrency isn’t diminishing whatsoever. That in itself is rather intriguing, especially considering that the weekend is usually a less-than-interesting time of the week for cryptocurrency trading. These past two weekends have proven to be very different as far as Bitcoin trading is concerned.
For the time being, Bitfinex remains the biggest exchange in terms of Bitcoin trading volume. Bithumb and bitFlyer round out the top three, as has been the case virtually every day this past month. Fiat currency markets are dominating the charts once again, as they represent eight out of ten trading pairs in the top 10 right now. The euro market is still lagging behind by quite a margin, though that has become rather common these days.
All things considered, the Bitcoin price remains a remarkable metric in the world of finance. For the time being, everyone should be excited about how things have evolved. However, one should be wary in light of the coming correction, as there will be a lot of blood on the streets. That is, assuming we will see a correction, rather than a straight push to US$10,000. Right now, anything is possible, especially where the Bitcoin price is concerned.
