After a few very difficult days, it seems the Bitcoin price is finally heading back to where it belongs. Thanks to a solid 3.95% gain over the past 24 hours, the Bitcoin price has risen to almost US$7,500. At this rate, it seems to be just a matter of time until the price surpasses US$7,600 again. An interesting few hours are ahead; that much is rather evident.
Bitcoin Price Moves Up Again
It is always interesting to see how the Bitcoin price evolves over time. While many people would have expected the proverbial top to have been reached back when the Bitcoin price hit US$5,000 a few months ago, things have certainly turned out very differently. That is a good thing, mind you, as no one likes to see the Bitcoin price go down for no reason.
Over the past few days, we have seen multiple trends as far as the Bitcoin price is concerned. After a very strong uptrend earlier in the week, the market started heading south when the US$7,500 level was broken. At one point, the Bitcoin price appeared very close to dropping below $7,000, but that never effectively materialized. That’s a positive sign, and there is no reason to think the Bitcoin price will plummet before the SegWit2x hard fork occurs.
These past few hours have been rather interesting, to say the very least. With the value per Bitcoin surpassing US$7,400 and then US$7,480 in quick succession, the next run-up is building. While it remains to be seen how fast things will move in this regard, it is not unlikely there will be a new all-time high Bitcoin price in place by the end of the day. Assuming that happens, the question becomes how high it can go.
With almost US$2.6 billion in 24-hour trading volume, things are looking pretty solid for Bitcoin right now. If this volume keeps up or even manages to increase in any significant manner, reaching a Bitcoin price of US$8,000 is not out of the question. While many people predict that will occur before the year is over, today may not necessarily be the day on which it happens.
Bitfinex is still leading the list of Bitcoin exchanges ranked by trading volume. Its BTC/USD trading market generated US$327.5 million in volume over the past 24 hours. Bithumb and bitFlyer are still close together in second and third place respectively. It will be pretty interesting to see how things evolve in this regard, as GDAX and Bitstamp have both generated over US$100m in trading volume as well. Only fiat currency pairs are welcome in the top five right now, and that is exactly what we are getting.
There is plenty of reason to be excited about the Bitcoin price right now. The year 2017 has been pretty spectacular already and there is no reason to think a major correction will occur before next week. Even then, the SegWit2x hard fork may not disrupt things in a meaningful manner either. Only time will tell what lies ahead for the Bitcoin price, but for now, setting a new all-time high later today is extremely likely.