By far the biggest cryptocurrency story of the past 24 hours is that the Bitcoin price has set another all-time high. Although the Bitcoin price has slightly retraced from US$6,255, things are still looking pretty solid overall. With the value up by 6.10% from 24 hours ago, it seems the upward momentum may remain intact for a few more hours or longer.
Bitcoin Price Continues to Impress
A lot of people have been wondering whether the Bitcoin price would reach a new all-time high after the previous one. Over the past few weeks, that seemed highly unlikely. Thankfully, things have picked up where they left off, resulting in even more Bitcoin price gains over the past few hours. The rise to a new all-time high has been pretty spectacular, to say the least. As of right now, the all-time high for Bitcoin is US$6,255, which is a more than respectable value for the world’s leading cryptocurrency.
To put this into perspective, the Bitcoin price rose from US$5,786 only 24 hours ago all the way to its new high mark over the course of just a few hours. Ever since then, we have seen a brief correction, which is to be expected. There is plenty of profit-taking going on, as no one can say no to an easy US$500 profit when the opportunity presents itself. Although some speculators would have expected a massive sell-off, that has not yet happened.
At the time of writing, the Bitcoin price is still hovering around the US$6,150 mark, which is pretty solid considering the context. In most cases, one would expect to see a significant retracement from the previous high, but the price difference is only US$85 right now. All things considered, the upward momentum is still intact for Bitcoin, although reaching US$6,500 or more may not necessarily happen this year.
No one will be surprised to learn that the Bitcoin trading volume has picked up as well. More specifically, with nearly US$2.6 billion worth of Bitcoin changing hands over the past 24 hours, the demand for Bitcoin is certainly there. This volume excludes peer-to-peer and decentralized exchange platforms, however, so the global Bitcoin trading volume is a lot higher than what CoinMarketCap reports. Then again, this number is still quite spectacular.
As of right now, Bitfinex still leads all other exchanges in regards to trading volume. Its US$401.6 million worth of volume is pretty significant, to say the least. Bithumb and bitFlyer complete the top three for now. It is also worth mentioning that there are five exchanges generating over US$100 million in 24-hour volume, which is rather interesting to take note of. Japan is the only country where Bitcoin is still valued below US$6,100 right now, although that situation may change soon.
It will be interesting to see how the Bitcoin price evolves in the coming hours and days. The SegWit2x hard fork gets closer every day, and it remains to be seen whether or not that fork will detract value from Bitcoin in the future, although it seems likely that will be the case. All things considered, the current Bitcoin trend is pretty solid, although there are no guarantees in the world of cryptocurrency.