Cryptocurrency enthusiasts will be pleased to see the Bitcoin price going up once again. Yesterday alone was a pretty good day, with the Bitcoin price surpassing US$4,000 for the first time in a while. Today, that same BTC is valued at US$4,250 and it appears this trend will continue for some time to come. Although we may not see a new all-time high being set anytime soon, things are headed in the right direction as we speak.
We have seen the Bitcoin price going up multiple days in a row several times in the past. However, we have seen the price go down several days in a row as well. The current positive trend seems to confirm that the recovery process is in full swing. If that is the case, it will only be a matter of time before the Bitcoin price reaches US$5,000 again. For now, that is mainly an optimistic goal, though, as there is still a lot of work to be done in this regard.
That being said, we now have a Bitcoin price of US$4,250, which is still pretty significant. Just a few days ago, the price was below $3,000 due to new regulatory measures taking effect in China. The current price trend goes to show that the Bitcoin world will keep growing regardless of what Chinese regulators plan to do in the future. Even without such exchanges trading cryptocurrency against the Chinese yuan, the Bitcoin price will not be kept down for an extended period of time.
One area having a positive impact on the Bitcoin price right now is its increasing trading volume. As mentioned here previously, the trading volume numbers have been going down a bit as of late. That is pretty surprising, as we had grown accustomed to seeing a trading volume of around US$2 billion per day. That volume dipped to US$1.2 billion or lower these past few days, which took many people by surprise. Things are finally heading back in the right direction, though, by the looks of things.
More specifically, the past 24 hours have generated around US$1.95 billion worth of trading volume. Do keep in mind this number still excludes peer-to-peer and decentralized trading volume, as CoinMarketCap doesn’t currently track all platforms in this regard. With the volume heading back to nearly US$2 billion, the Bitcoin price is responding in kind, which is pretty impressive.
For the umpteenth day in a row, Bitfinex is generating most of Bitcoin’s trading volume these days. Its US$240 million volume is nearly three times as high compared to bitFlyer and Bithumb. Once again, we see three different fiat currency markets dominating the rankings: the US dollar, Japanese yen, and Korean won. This is a more-than-welcome change from just a few weeks ago.
All things considered, things are looking pretty solid for the Bitcoin price right now. If this momentum were to continue, it is only a matter of time before we would see a new all-time high. When that happens exactly remains to be seen. For now, most holders and traders will be pretty happy with the way things are going, although there is always room for future improvement. It is evident the Bitcoin price is still on a lot of people’s minds, and it will be interesting to see where things head next.
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