Things just keep getting better and better for Bitcoin these days. With so much positive attention, it is no longer any surprise the Bitcoin price has set yet another new all-time high. More specifically, the Bitcoin price briefly surpassed US$7,461 earlier this morning, although it was followed by a sharp dip. It will be interesting to see how the market evolves in the coming hours and days, to say the very least.
If there is one thing the year 2017 has shown the world, it is how the Bitcoin price can reach multiple all-time highs in quick succession. The past few months have been especially interesting, with multiple milestones being reached. Not too long ago, it seemed as if reaching US$5,000 would be impossible. Today, people are more concerned whether or not we will reach US$10,000 before the year is over. This wild Bitcoin ride is far from over, by the looks of things.
Even the past 24 hours have been pretty volatile for Bitcoin, but the volatility has resulted in a new all-time high. More specifically, we saw the Bitcoin price rise from US$6,900 to US$7,200 before the first rejection became apparent. Subsequent attempts to reclaim US$7,200 were unsuccessful until a few hours ago. Ever since, we haven’t dipped below US$7,275 again. It is evident the Bitcoin price momentum is stronger than ever, even though it is mainly fueled by speculation more than anything else.
Whether or not the Bitcoin price will remain above US$7,250 for the remainder of the day is a question that can’t be answered with ease. It certainly looks as if the market is preparing for another dip, although this momentum may very well be a bear trap. Nothing makes sense when it comes to the Bitcoin price right now, although that in itself shouldn’t really surprise anyone in this day and age. Another leg up to US$7,500 isn’t entirely out of the question either.
With strong trading volume firmly locked in place, there is no reason to think the Bitcoin price momentum will reverse anytime soon. Over US$3.82 billion worth of BTC has changed hands over the past 24 hours, which is an absolutely mind-boggling number. Then again, everyone is converting whatever they can spare to Bitcoin, even though we are seeing altcoins recovering some of their lost value as well. It will be interesting to keep an eye on the cryptocurrency markets as a whole, especially now that we are closing in on a total market capitalization of US$200 billion.
It does seem there have been some changes in the pecking order of exchanges ranked by Bitcoin trading volume. Bitfinex is still the clear leader, but Bithumb is no longer among the top three as bitFlyer now sits comfortably in second place. GDAX is the new #3 exchange, which isn’t something a lot of people saw coming. Then again, the world of Bitcoin offers plenty of surprises on a regular basis, as this development illustrates.
The big question on everyone’s mind is whether or not the Bitcoin price will surpass US$7,500 before the day is over. Right now, that seems the more-than-likely scenario, although there will be a major correction along the way at some point as well. It may not come today or next week, but when it arrives, everyone will know about it soon enough. This “unknown” is part of what makes cryptocurrency so attractive to investors, though.
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