It has been a very interesting day for Bitcoin, to say the very least. A new all-time high was recorded just above US$8,100 a few hours ago. As was to be expected, the Bitcoin price took an immediate tumble after reaching this value. Right now, the Bitcoin price is hovering somewhere near the US$8,000 mark, depending on which exchange one is looking at. This market has a lot of positive momentum right now, although it remains to be seen how things will play out.
Another Bitcoin Price Surge is Coming
Although the past few weeks have seen a somewhat volatile Bitcoin price, the overall uptrend is still firmly intact. No one can deny it was only a matter of time until the Bitcoin price surpassed US$8,000 again. Remaining around or above this mental barrier has proven very difficult for Bitcoin, though, but that is only to be expected. A lot of people are taking profits and shorting the Bitcoin price right now. Then again, the bullish momentum may continue to push the price up even further in the days to come.
It is always interesting to see the Bitcoin price respond to whatever is going on in the world of cryptocurrency. More specifically, we saw most currencies recover slightly after the recent Bitcoin price push toward US$8,00, but it seems that momentum may turn in favor of the world’s leading cryptocurrency again over the next few hours. Altcoins don’t stand much of a chance as long as their value remains linked to Bitcoin, which is the case for most currencies in the top 10 right now.
Having said that, there is never a valid reason for altcoins to lose value against BTC just because the Bitcoin price is going up. People mainly dump alts to chase Bitcoin price pumps. If they held onto their altcoins instead, these would appreciate in value as well and result in nearly equal profits. It is only a matter of time until people learn this, though, as Bitcoin still isn’t a perfect cryptocurrency by any means.
With over US$3.21 billion in 24-hour trading volume, Bitcoin is in a very good place right now. The demand for the world’s leading cryptocurrency isn’t diminishing by any means, as it seems more and more people are looking for a new hedge against financial instability. In a lot of people’s minds, Bitcoin is the perfect tool for doing so, although it is still a relatively volatile asset. Then again, no one can argue with the Bitcoin price trend recorded throughout 2017 so far.
Bithumb still hasn’t succeeded in dethroning Bitfinex as the busiest Bitcoin exchange – nor will this happen anytime soon, by the look of things. Bitfinex has easily maintained almost twice the volume of Bithumb and has an even bigger lead on GDAX right now. Most exchanges value Bitcoin above US$8,000 right now, with the exception of the Korean and Japanese exchanges.
It is safe to say the Bitcoin price momentum will carry over for some days or weeks to come. More specifically, we may very well see a five-digit Bitcoin price by the time Christmas comes around. Whether or not we will see a massive correction shortly afterward remains to be seen. The Bitcoin price has seen steep corrections so far, but none of them have had any lingering effects. It’s an interesting sign of maturity – or massive manipulation – to keep an eye on.