It is that time of the week again when all the important cryptocurrencies go up in value. This also means some currencies will lose value, which is nearly always the case when the Bitcoin price starts moving up. With a Bitcoin price rise of 4.73% over the last 24 hours, we may see another run at US$12,000 before the day is over. Previous attempts have all been rejected, though.
Bitcoin Targets $12,000 Again
It is not entirely surprising to see traders push the Bitcoin price to the US$12,000 mark once again. Various financial experts had predicted this value would be reached at some point in late 2017 or early 2018. Although it remains to be seen if any of these predictions will come true, there have been several attempts to remain above US$12,000 in the past few days. None of these runs have been overly successful, though, but the bullish sentiment is certainly there.
This battle will not be won all that easily, as there is significant pushback from traders all over the world. Around 24 hours ago, we saw the Bitcoin price dip to just over US$11,100 again, which could have signaled that another correction was incoming. The dip was bought pretty quickly, and the Bitcoin price started recovering accordingly. After experiencing some more pushback after surpassing US$11,400 again, the momentum is now clearly in favor of a surge toward US$12,000.
Whether or not the Bitcoin price can actually stabilize around the US$12,000 mark is an entirely different matter. It is a new milestone for the Bitcoin ecosystem as a whole, even though there have been a few peaks above US$12,000 as well. Every new all-time high seemingly results in higher lows, and it will be interesting to see how this next bull run plays out. A lot of people would love to see the Bitcoin price surpass this level for good.
If the Bitcoin trading volume is any indicator, that shouldn’t be much of a problem. In fact, the US$6.62 billion worth of BTC changing hands over the past 24 hours only confirms there is a growing global demand for the world’s leading cryptocurrency. With the introduction of official futures by major financial players in the near future, we may see accelerated Bitcoin price growth before the year is over.
One of the big questions is how long it will take for another major Bitcoin exchange to overtake Bitfinex in terms of volume. So far, no company comes even close, as even Bithumb is generating less than half the volume of Bitfinex. HitBTC is in third place, although its battle with GDAX is in full effect as we speak. Once again, we see no EUR trading market among the top 10, but this has almost become the norm this year. It is evident we need more EUR-denominated gateways for all major cryptocurrencies, as Kraken simply can’t handle the load.
All things considered, things are looking pretty good for the Bitcoin price right now. While this remains an extremely volatile market, things may play out in a positive manner. If the Bitcoin price surpasses US$12,000 and stays there for an extended period of time, we may very well see it hit US$20,000 by the end of March 2018. As is always the case in the cryptocurrency world, there are no guarantees or certainties.