It appears as if we may finally have a somewhat exciting weekend for cryptocurrency. More often than not, weekends are dreadful for trading and price changes. This weekend may prove to be quite different, as Bitcoin has reached a new all-time high earlier this morning. Other currencies are also moving up, with the exception of Bitcoin Cash. An interesting turn of events, that much is evident.
Bitcoin’s New All-time High Is Glorious
For quite some time now, cryptocurrency speculators have been wondering when BTC would hit the US$3,000 mark again. Even though BTC has hit that point once before, it didn’t last all that long. In fact, the price dropped to well below US$2,800 in the next few days and things have not improved much ever since. That was, until earlier today, as one Bitcoin now traded at the price of US$3,155. A significant gain, although maintaining this new price will be a massive challenge, to say the least.
That being said, it is good to see BTC finally breach the US$3,000 mark once again. Thanks to a mounting trading volume and some positive market trends despite the launch of Bitcoin Cash, things are falling into place. It is also the first time Bitcoin’s market cap surpasses the US$52bn mark. That in itself is a major development in its own right, which goes to show a bright future may be ahead for cryptocurrency as a whole.
There is no real indication for this sudden price moment, though, other than stating how it was long overdue. Then again, there is no guarantee the Bitcoin price will remain above US$3, 000 for a long time, as only time will tell what will happen moving forward. There is no reason to push the Bitcoin price down again either, but markets have a funny way of working themselves out at times. It is certainly possible the uptrend will continue, but there are no guarantees whatsoever.
No one will be surprised to hear Bithumb is generating the highest amount of trading volume right now. That is quite intriguing, considering the exchange is also quite bullish on Bitcoin Cash right now. Moreover, the Bitcoin price on Bithumb is a lot lower compared to other exchanges, with the gap hovering around US$50 right now. It will be intriguing to see if this situation corrects itself over the weekend, though. We are used to seeing a higher cryptocurrency price in Korea, not a lower one.
Fiat currencies are definitely dominating the Bitcoin trading market right now. The top 6 trading pairs are denominated in Korean Won, US Dollar, Chinese Yuan, and Japanese Yen. The Euro market is, as we have gotten accustomed to, well behind in this regard, yet that price seems to be following the upward trend for the time being. All of this seemingly indicates the current Bitcoin price push originates from Asia once again, which has been the case on multiple occasions in the past.
Speaking of Bitcoin Cash earlier, it is the only top 10 cryptocurrency to lose value right now. That is not entirely surprising, as many people still don’t see the benefit of this currency. Interestingly enough, we now have the first merchant to accept BCH payments. GPUShack, the company behind EthOS and a few other projects, is accepting Bitcoin Cash payments. A bold decision, given the current volatile price, but a step in the right direction for all BCH supporters.