On the Road to Recovery, Bitcoin Price Shoots Past $16,400 Again

Things are finally getting back on track for Bitcoin. After a rough patch at the end of 2017 and into early 2018, the Bitcoin price is finally moving up once again. More specifically, we now have a Bitcoin price of US$16,461, which is a nice 10.53% increase compared to 24 hours ago. Whether or not this means we will soon see a new all-time high Bitcoin price remains to be determined. For now, things look pretty solid, although there is still an overall bearish sentiment in the market.

Bitcoin Price Shows Some Momentum Again

People who have kept an eye on the Bitcoin price these past few weeks may have noticed that the world’s leading cryptocurrency hit a snag. More specifically, after a very bullish 2017, the year ended with a Bitcoin price of around US$13,000. Although this was still a high value considering that we started 2017 around the US$1,000 level, people had expected a better end of the year. After all, we hit an all-time high of over US$19,000 at one point, yet it seems virtually impossible to reach that level once again.

That said, we’re now finally seeing some Bitcoin price momentum to move things along. Although it is still too early to consider this the road toward a new all-time high, it’s good to see Bitcoin surpass the US$16,000 mark once again. After all, it almost feels like years ago since it last did so, even though it was just a few weeks. People have very short memory spans in the world of cryptocurrency, to say the least.

Although a 10.53% 24-hour gain is pretty significant for any cryptocurrency, it matters even more to Bitcoin. After multiple days of slowly sliding down the charts, the Bitcoin price has finally noted a major green candle. As one would expect, this momentum was immediately met with some resistance, although it remains to be seen if the bears can keep the Bitcoin price down for much longer. No one should expect any major shifts to occur in the next few hours, though, as a sharp increase will always lead to a sharper correction.

As is usually the case, Bitcoin’s trading volume makes all other cryptocurrencies look bad. To be more specific, Bitcoin noted close to US$22.4 billion in 24-hour trading volume, which is an astonishingly high number. A lot of money is moving around in the world of cryptocurrency, although we also need fresh capital to keep coming in. So far, it seems 2018 is providing a healthy balance between the two, although things can change at any given moment.

What is rather remarkable is how the leading exchange in terms of Bitcoin trading volume is Binance. More specifically, its TRX/BTC pair generated over US$2.38 billion, which is rather shocking. Bitfinex is the second exchange on the list, with its BTC/USD trading pair representing US$722.17 million worth of volume. Binance markets are in third and fourth place as well, with its respective Ethereum and XRP pairs. A very interesting dynamic is forming in the world of cryptocurrency right now, although it remains to be seen if it is a positive change.

How all of this will play out for the Bitcoin price in the next few days remains to be seen. A lot of people remain hopeful that the Bitcoin price will set a new all-time high very soon. In South Korea, one BTC is trading at a price of US$21,143. That is quite a steep difference from the rest of the world. Rest assured the year 2018 will be very interesting for all cryptocurrencies that matter.