Bitcoin Rally Continues, $4,500 Well Within Reach

It is once again a wonderful day to be involved in cryptocurrency. The Bitcoin price has set yet another all-time high and is well-positioned to break through to US$4,500 and beyond. Most major alternative cryptocurrencies have noted positive momentum as well, although both NEM and NEO are going through a correction phase right now. At this rate, the total cryptocurrency market cap will reach US$150 billion in just a few days’ time. This growth has been absolutely stellar, to say the least.

Next Bitcoin price Target is US$4,500

Watching the Bitcoin price go absolutely nuts is quite fun, despite occurring on a nearly daily basis lately. With yet another all-time high in the books for Bitcoin, it is evident the projections made by financial experts will need to be revised once again. At the time of writing, one Bitcoin was valued at US$4,438.79, which means reaching that US$4,500 mark shouldn’t take that long. Whether or not that will be the case remains to be seen, though, as there is some pushback across all exchanges as we speak.

That said, no one can look past the 7.59% gain the Bitcoin price has recorded in the past 24 hours. It is evident this bull run is far from over, with some experts predicting Bitcoin will hit US$15,000 before year’s end. That is a very, very ambitious target, to say the least, but with the current momentum in place, the sky’s the limit, so to speak. Then again, all of this excitement might just as easily result in a major price correction in the coming days. It doesn’t appear as if logic applies to the Bitcoin price right now, which is both fun and troublesome at the same time.

For the second day in a row, Bitcoin noted a 24-hour trading volume of well over US$2 billion. Most of this volume came from the Bithumb and Bitfinex exchanges, in nearly equal numbers. Other exchanges comprising the top 10 include Bittrex, OKCoin, BTCC, Huobi, GDAX, and BitFlyer. Taking the crown from Bithumb will be very, very difficult for any cryptocurrency exchange right now; that much is evident. Then again, Bitfinex is giving the Korean site a good run for its money right now, with a US$15 million gap separating the two.

While everyone keeps a close eye on the Bitcoin price, do not overlook the other top cryptocurrencies either. All of the usual suspects have noted small to medium gains in the past few hours as well. Ethereum is up by 3.7%, and even Ripple noted a 2.3% gain. IOTA continues to make a lot of headway thanks to a 15.03% jump, pushing the value of every MIOTA to US$1.08. Considering there are nearly 3 billion of these tokens in existence, reaching such a milestone is quite significant. Litecoin is back in the #6 spot thanks to a 3.92% gain in the past 24 hours. Dash is another coin to keep an eye on right now, as it increased in value by as much as 13.2%.

Sadly, there are also currencies which are not benefiting from the current Bitcoin price gains. Both NEM and NEO are noting quite large losses, which is quite surprising given their recent trends. Then again, both currencies had noted massive growth these past few days, and a correction had to occur sooner or later. If Bitcoin were to see a similar trend, things would get ugly pretty quickly. More specifically, it wouldn’t be impossible to see the Bitcoin price retrace to US$3,500 or potentially even lower.

For the time being, the question on everybody’s mind is what will happen to the Bitcoin price in the near future. Right now, it appears US$4,500 is certainly within reach, although the price may not reach that point today. There are some interesting things taking place in all of cryptocurrency right now, yet it is hard to tell what the next few hours will bring. The trading volume is certainly there to push the Bitcoin price to new heights in the very near future; that much is evident. An interesting chart to keep an eye on, for sure, although the end result could surprise everyone.

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  1. Houston Strojny December 8, 2020

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