The positive Bitcoin price momentum is still in place as we speak. Thanks to some strong gains over the past few days, we are looking at a Bitcoin price of over US$11,800 right now. It is only a matter of time until its value surpasses US$12,000, which would send some shockwaves throughout the financial sector. The world’s leading cryptocurrency is not done just yet; that much is evident.
Bitcoin Is Trucking Along Nicely
Truth be told, a lot of people had expected a far steeper Bitcoin price correction before we saw any further upward momentum. When the price was rejected from its previous all-time high in rather dramatic fashion, there was a genuine fear that we might drop well below US$8,000 in the coming days. Surprisingly, things never got that bad, as the BTC value eventually settled at around US$9,250.
Although the US$2,000 drop scared a lot of people, it was only a minor blip on the radar when looking at the bigger picture. We have since seen the Bitcoin price recover all of those losses and even reach a new all-time high in the process. Things have been especially interesting over the past 24 hours, with a near US$1,000 gain across all exchanges. This growth is nothing short of astonishing, although it may very well be just the beginning for Bitcoin. Some experts predict a Bitcoin price of around US$40,000 by late 2018.
Whether or not that price is achievable in the next 12 months remains to be seen. The current trend certainly seems to indicate anything is possible when it comes to Bitcoin. With a spike of around US$500 in the course of just one hour, there is no reason to think bigger gains aren’t on the horizon for the world’s leading cryptocurrency.
Bitcoin has once again noted very strong weekend trading volume. With over US$5.4 billion worth of BTC changing hands these past 24 hours, the demand for this cryptocurrency is not slowing down whatsoever. This latest Bitcoin price gain has also pushed the total cryptocurrency market capitalization over US$351 billion once again, which is something that shouldn’t be ignored. All cryptocurrencies are flourishing, and the majority of them can coexist with BTC.
Bitfinex is still the go-to exchange when it comes to buying or selling Bitcoin. Remarkably, its trading volume is almost twice as high as that of Bithumb, and three times as high as HitBTC’s. It is also worth noting that Bithumb lists a Bitcoin price of over US$12,371 at this point in time, which is a significant outlier compared to the rest of the world. Unfortunately, very few people can exploit this arbitrage opportunity right now.
How things will play out for the Bitcoin price remains to be seen. The long-term uptrend is still in place and seems to have grown even more bullish these past few weeks. There is no reason to think the Bitcoin price won’t reach US$12,500 before the year is over. Having said that, there is never any certainty when it comes to cryptocurrency, as markets can sour on a moment’s notice. If that were to happen, all cryptocurrencies would suffer once again, as Bitcoin is capable of dragging everything else down with it.
