A lot of eyes will be on the Bitcoin price in the coming hours and days. Thanks to gains made over the past 24 hours, we now have a Bitcoin price well above the US$4,800 mark once again. It is evident a lot of people have been waiting to see this price point again, as it brings us a big step closer to reaching US$5,000 again. When that will happen exactly remains to be determined, though.
It is good to see the Bitcoin price going up once again. This trend has been visible for a few days in a row now. Considering we have seen two major Bitcoin price corrections this year alone, seeing the value return to US$4,800 in short order is all the more impressive. Very few people had expected things to move this quickly, although it was only a matter of time before the Bitcoin price bull run would reach significant levels again.
While a lot of people may doubt the value of Bitcoin at any given point, this upward trend should not be ignored by any means. Cryptocurrency is not like any form of money the world has ever seen before, as it can’t be regulated, subjugated, or controlled in any way. Centralized companies providing services related to cryptocurrencies, however, may see their fair share of governmental scrutiny in the coming months and years.
Despite all those hurdles, we now have a Bitcoin price of just over US$4,800 again. This past week has been pretty spectacular in terms of growth, even though the small dip to US$4,200 had a lot of people concerned. Sideways trading action appeared to be the logical outcome at that time, but things have since picked up in terms of intensity. The US$600 value gain since October 5th is pretty significant for Bitcoin, although it shows the initial correction and resistance were mainly manipulation more than anything else.
Moreover, it appears the Bitcoin trading volume is finally returning to previous levels as well. To put this into perspective, the Bitcoin trading volume had dropped to around the US$1.4 billion mark last week. That is no longer the case right now, as we are back above US$2 billion for the first time in over a week. It is unclear if this means the volume will remain at this level for the foreseeable future, but things are certainly looking pretty solid right now.
Nothing has changed in terms of exchanges ranked by trading volume. Bitfinex is still clearly in the lead, with over twice the volume of Bithumb. The latter exchange lists the Bitcoin price at US$4,879.50, which may indicate the global price will evolve in that direction over the next few days. bitFlyer is still in third place, although it values Bitcoin at US$50 below the global average right now. This is not uncommon, though, and should be no reason for concern whatsoever.
All things considered, there is plenty of reason to be excited about the current Bitcoin price trend. The positive momentum clearly shows demand for Bitcoin is growing, even though this doesn’t necessarily mean more people are using it as a currency to buy goods or services. Then again, it only appears to be a matter of time before the Bitcoin price reaches US$5,000 again. It will be interesting to see how things evolve from that point forward, to say the least.
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