Everyone knew it was only a matter of time until the Bitcoin price reached a new all-time high. The year 2017 has been incredibly bullish for the world’s leading cryptocurrency, and the party is far from over. Despite some massive push-back the past few days, we now have a Bitcoin price of just over US$8,500. That’s a remarkable milestone for a currency so many people have willingly ignored to this very day.
Another All-time High Bitcoin Price
With its numerous all-time highs, the Bitcoin price continues to amaze a lot of people. This is only to be expected, as the world’s leading cryptocurrency has been flexing its muscles all year long. Whereas financial moguls such as Jamie Dimon may doubt the potential of Bitcoin, the rest of the world seemingly disagrees. Surpassing US$8,500 for the first time in history is a remarkable feat, especially for a currency that isn’t even ten years old.
It is not the first all-time high Bitcoin has seen in Q4 of 2017 either, as its momentum turned even more bullish last month. At the time, one Bitcoin was barely worth US$4,500, which was a whopping 450% increase from January of this year. In October, few people assumed we would surpass US$6,000, let alone reach US$8,500 before the year was over. It is evident there is no stopping Bitcoin right now from reaching that magical US$10,000 mark, although it will not be easy by any means.
Considering Bitcoin’s rise over the past few months, it will be interesting to see how things play out when Christmas comes around. A lot of people will convert small amounts of Bitcoin to fiat for spending purposes. However, the dip may not be as steep as most people would like to see either. There is a lot of bullish momentum left in the Bitcoin markets, as this latest all-time high materialized after struggling to maintain the US$8,000 level these past few days.
With over US$4.32 billion in 24-hour trading volume, the global demand for BTC should not be underestimated whatsoever. It is pretty interesting to see this massive amount of trading volume for Bitcoin right now, as we started the year with around US$1 billion in daily volume. At the time, that was considered a major milestone, but things have certainly evolved in a nice direction ever since. It may only be a matter of time before US$5 billion per day is the new normal, but it is still too early to say that for sure.
Bitfinex is still destroying most other exchanges in terms of Bitcoin trading volume. Its USD and ETH markets are both generating six-figure numbers, with the USD market clearly in the lead. Bithumb is in second place again, which is good to see. There is also a massive amount of ETH volume emanating from Poloniex, as people are seemingly cashing out their Ethereum profits and buying Bitcoin. At the same time, the Ethereum price isn’t budging all that much either, which may create an interesting paradigm moving forward.
How all of this will play out in the long run remains to be seen. With the Bitcoin price over US$8,500 – at least temporarily – the future is looking incredibly bright. At the same time, a higher price will inevitably lead to even more market volatility, which may spell trouble up ahead. This is an interesting time to be involved with cryptocurrency, regardless of how much one’s portfolio is worth. This is only the beginning of what is yet to come for Bitcoin and those altcoins which have actual potential.