The Merkle

Bitcoin Bulls Show No Signs of Slowing Down as $11,000 Is Within Reach

Although surpassing US$10,000 was a majestic feeling, it may very well have been the tip of the iceberg for Bitcoin. More specifically, we are seeing a lot of markets push the price of Bitcoin to US$11,000 and possibly beyond. In Asia, the price is already approaching US$12,000, whereas the Western exchanges are behind by over US$1,000. That’s an appealing gap to take advantage of; that much is certain.

What is Next for the Bitcoin Price?

That is the question on a lot of people’s minds right now. It is evident that the US$10,000 barrier has been broken successfully, but no financial asset can afford to stand still for long. It appears the massive Bitcoin price growth will continue for some time to come, with the Asian exchanges leading the charge toward US$12,000 and well beyond. In the West, however, surpassing US$11,000 may not prove easy.

More specifically, there are no fiat currency-related trading markets for Bitcoin which value BTC over US$11,000 right now, other than those in South Korea and Japan. The USD markets are approaching the US$11,000 level steadily, though, with GDAX clearly in the lead right now. Most other exchanges have caught up, and even Kraken’s BTC/EUR pair isn’t too far off the mark for a change. That exchange is still well behind in pretty much all other markets right now, though, as its issues seemingly can’t be resolved whatsoever.

With the Bitcoin price approaching the US$11,000 mark all of a sudden, things are certainly picking up speed. One has to remember that we were still well below US$10,000 less than 24 hours ago, and now we are already looking to surpass US$11,000. These massive gains are very difficult to explain, but it is obvious a large part of the world is only now waking up to the Bitcoin phenomenon. Scarcity and a massive dose of ignorance toward Bitcoin have forced many people to buy in at these astronomical prices.

With over US$9.15 billion in 24-hour trading volume, Bitcoin has blown away all previous records. This trading volume is figuratively off the charts, as we have never witnessed such massive demand for Bitcoin. Not even when Mt. Gox failed all those years ago did people show such interest in buying Bitcoin. We can only hope history doesn’t repeat itself in this regard.

Bitfinex is still, without a doubt, the busiest Bitcoin exchange in terms of 24-hour trading volume. Although Bithumb is closing the gap, it never seems to leapfrog the leader. GDAX is in third place now, adding another USD trading pair to the top markets. Very few people are converting altcoins to and from Bitcoin right now, it seems, as there are a lot more fiat currency trading pairs in the top markets compared to what we are used to. It’s an interesting time for Bitcoin enthusiasts, as things are finally coming together as so many people have hoped they would.

The big question is whether or not any of this is sustainable in the long run. The obvious answer to this question is “no, not at all”, but it isn’t necessarily the right answer either. All bets are off in the world of cryptocurrency right now, and making accurate predictions is borderline impossible. We can only hope that when a correction occurs, the losses will be kept to a minimum.