The previous Bitcoin price bull run hasn’t even stopped and the next one is already on the charts. In a somewhat surprising turn of events, the Bitcoin price suddenly started showing a lot momentum and now hovers around the $4,660 mark. This is great news in general, as we are also getting closer to finally breaching the 4,000 Euros mark for the very first time. New all-time highs and milestones are coming to Bitcoin, that much is evident.
Bitcoin Price Momentum Just Carries On
It is not entirely surprising to see the Bitcoin price show some movement, but the matter in which it happens is somewhat unusual. For the second day in a row, the Bitcoin price shows signs of sudden movements without any previous warning as to when a price jump could occur. Although the general sentiment is how the value will continue to go up for quite some time to come, no one knows for sure when and where this trend may end. Right now, it certainly looks as if $5,000 is well within reach, even if the time frame is still unclear.
With another 2.9% jump in the past 24 hours, no one can deny Bitcoin is literally tearing up the charts. More specifically, the Bitcoin price keeps setting new all-time highs on a nearly daily basis this week. After the previous weeks had a lot of bullish momentum as well, it is evident this price spike is no mere coincidence whatsoever. Instead, it is clearly a sign of what the future may hold, as it is only a matter of time until we see a BTC value of $5,000.
With over $1.7bn in 24-hour trading volume, the main focus lies on buying Bitcoin and converting altcoins back to BTC right now. One would expect the top 10 alternative cryptocurrencies to suffer less from major Bitcoin price gains, but that is not always the case. However, it seems most of these currencies are also appreciating in value as we speak, even though there will be a fair bit of volatility for the next few hours at least. It rarely happens the entire top 10 turns green at the same time, but today is one of those rare days.
Speaking of the Bitcoin trading volume, the top 10 is a mix of fiat currencies and altcoins. Notable altcoins generating a lot of BTC volume include Ethereum, Monaco, OmiseGo, Bitcoin Cash, and NEO. The fiat currency markets, on the other hand, see plenty of USD, CNY, JPY, and KRW trading action. It is a more than healthy mix of different assets to buy and sell Bitcoin on a global scale. After all, Bitcoin is still a global cryptocurrency, whereas traditional financial tools are somewhat limited in their approach and usefulness. All of the top markets see volume well below $100m each, but they are only separated by $20m in total.
For the time being, one can easily say the Bitcoin price is on everybody’s radar. Even the naysayers- including professor Bitcorn – will have to admit Bitcoin is a force to be reckoned with. Right now, it is an unstoppable bull in a china shop without concerns over breaking a few objects whatsoever. This price action is very wild, but it all seems to be well-coordinated at the same time. No single platform shows a major lead over others right in terms of the Bitcoin price, reducing arbitrage opportunities to nearly zero.
A lot of people will look at this current price and think it’s too late to get involved in Bitcoin. Rest assured there’s never a bad moment to purchase your first Bitcoin or a part of one. Even at these prices, we have only just begun the rally toward greatness. No one knows where this Bitcoin price will end up in five or ten years from now. Bitcoin may not necessarily replace the US Dollar, but it is certainly making the currency look like Monopoly currency at this rate. In fact, one US Dollar is worth just 0.000215 BTC right now.