It seems literally nothing can stop the current Bitcoin run-up. That isn’t necessarily a bad thing, mind you, but it raises a lot of questions. As of right now, the global Bitcoin price is sitting above US$15,000, according to CoinMarketCap. It is evident this value will only continue to increase over time, although no one knows for sure how high the BTC price can go in the coming days and weeks.
Bitcoin Price Momentum Intensifies
Throughout the year 2017, we have seen some amazing Bitcoin price action. It is safe to say this is by far one of the best years for Bitcoin, even though all the momentum seems to resemble a bubble right now. It is not a popular opinion whatsoever, but no one can deny this rate of growth cannot be sustained. For now, the momentum is still strong, but there is no reason to think Bitcoin will be the first asset in history to continue going up in value without major setbacks.
That being said, we have seen the Bitcoin price increase from US$12,800 all the way to US$15,244 without too much resistance. Granted, there was a rejection around the US$14,600 mark, but it didn’t last all that long. In fact, it seems the bullish momentum is only intensifying as we speak, which is a rather scary though. When the Bitcoin price correction sets in, things will get incredibly messy.
When Bitcoin will see its much-needed correction remains to be determined, though. It is evident there are plenty of people who think the Bitcoin price will hit US$100,000 without too many problems before the end of 2018. Moreover, we have seen massive price gains already without too many significant corrections. For all we know, the price could drop by as much as 60% in the coming weeks, or it may increase to US$20,000.
With over US$13.83 billion in 24-hour trading volume, Bitcoin makes all other currencies look minuscule. As we have seen throughout the years, Bitcoin price run-ups force the values of all altcoins down as well. Even those currencies which had seemingly decoupled from Bitcoin are struggling once again. It is remarkable how willing people are to sell altcoins for cheap even though they are well aware that the momentum will eventually turn in their favor again. For those chasing profits, it is difficult to keep tabs on all of these developments.
Although Bithumb had overtaken Bitfinex in terms of 24-hour trading volume this morning, the momentum has shifted once again. Bitfinex is now firmly in the lead, albeit by a small margin. GDAX is in third place now, easily outpacing bitFlyer in terms of volume. It is evident that fiat currency trading markets are still firmly in the majority, although a lot of people are actively converting altcoin holdings to Bitcoin as well.
It is evident the bullish Bitcoin price momentum has become a lot more suspicious as of late. While big gains and losses are not uncommon in the Bitcoin world, a US$2,000+ price gain in 24 hours is extremely suspicious. Whether or not things will play out in a negative manner remains to be determined, though. The big question is whether or not any of the altcoins can recover their lost momentum before the week comes to an end. The more those currencies fall in price, the more unlikely that appears.