Good things are happening to the Bitcoin price as we speak. Sometimes, it feels good to be wrong with one’s expectations, especially when things turn out a lot better than originally assumed. The Bitcoin price saw some major growth last night, which took a lot of people by surprise. With the Bitcoin price finally above US$6,000, the new all-time high has certainly made a lot of people very happy.
Bitcoin Price Reaches new All-time High
It is always good to see the Bitcoin price go up, especially when one least expects it. More specifically, things were looking pretty bleak for the Bitcoin price just yesterday, after nearly 24 hours of sideways trading momentum. Then again, sideways momentum often results in a major price change, and in yesterday’s case, the momentum eventually pushed BTC to a new all-time high.
More specifically, it was the first time in history we witnessed a Bitcoin price of US$6,091. This is a value most people wouldn’t have associated with the world’s leading cryptocurrency just a few months ago. Although the year 2017 has been extremely bullish for Bitcoin when looking at the bigger picture, things could have easily reversed course. At one point, the price almost did retrace to lower levels, thanks to a major correction which pushed the price down a few months ago.
Ever since then, however, the momentum has been heading in the right direction. This was most clearly visible on the price charts. Around September 8th, we saw the Bitcoin price hover around the US$3,000 level. Just over a month later, the value has spiked to over US$6,000. It is remarkable how things can change in this regard. It is also important to note that Bitcoin is still a very niche market for the time being.
Thankfully, we have seen some very strong trading volume for Bitcoin over the past 24 hours. More specifically, over US$2.661 billion worth of Bitcoin has changed hands over the past 24 hours. For a trading period spanning both Friday and Saturday, that number is a lot higher compared to what most people would have expected to see. It is a more than pleasant surprise, to say the very least, although it shows the upward Bitcoin price momentum may not be fully over whatsoever.
Things are also heating up in the world of Bitcoin exchanges right now. More specifically, Bitfinex is still the clear market leader in terms of trading volume. Bithumb is still in second place, with bitFlyer completing the top three. GDAX and Bitstamp are also generating over US$120 million in volume right now, which is pretty impressive overall. It doesn’t happen all too often that we see five exchanges generating over US$100 million in trading volume, which is pretty remarkable. Moreover, all five exchanges list fiat currency pairs, which is also significant.
More importantly, we also now have a Bitcoin market capitalization of over US$101 billion. The Bitcoin bull run throughout 2017 has been exceptional, to say the very least. It will be interesting to see how things play out in the next few days and weeks, though. More specifically, this massive spike will surely be met with some resistance and profit-taking along the way. Things look very promising for the Bitcoin price right now, but one never knows what the future will bring.
