No one can deny the Bitcoin price is going through yet another massive uptrend right now. Although this kind of momentum has been ongoing for several days now, we have reached yet another new all-time high. Earlier today, the Bitcoin price smashed through the US$4,800 mark, although it has retraced ever so slightly since that time. Right now, one Bitcoin is valued at US$4,782, which is still more than fair. All of this growth is quite unprecedented and may eventually push the price to US$5,000 later this month.
The Bitcoin Price Momentum is Unprecedented
Everyone who still thinks Bitcoin will go away sometime soon will be sorely disappointed when looking at the Bitcoin price right now. More specifically, the Bitcoin price is well positioned to reach the US$5,000 mark sooner rather than later. A lot of people assumed that price point would not be reached before 2019, but things have certainly moved in the right direction as of late. Although this latest Bitcoin price momentum has all the signs of an impending correction, one has to ride the waves as they come.
Seeing the Bitcoin price surpassing US$4,800 earlier today is a major milestone, to say the least. Many people like to forget we have had a major Bitcoin price correction earlier this year which pushed the value down to well below US$2,000. Interestingly enough, that almost seems like it happened years ago, even though this dip was visible right before the summer. Ever since that time, the only way has been up for Bitcoin and it seems there is no slowing down anytime soon. Everything that goes up sharply must eventually come down, though.
With over US$2 billion in 24-hour trading volume, the Bitcoin price is quickly heading toward US$5,000. Whether or not we will reach that price point before Sunday evening remains to be determined. There’s no reason to get ahead of ourselves either in this regard, even though the “fear of missing out” has certainly set in for a lot of people. Convincing people to buy Bitcoin at this price point will not be all that easy, though, although anyone can see there is still a lot more price potential on the horizon.
It appears the fiat currency markets are in full control of the Bitcoin price right now, with two big exceptions. More specifically, the top 10 markets all include fiat currencies except for the LTC/BTC and XRP/BTC pairs on the Poloniex exchange. All of the other markets are related to the U.S. dollar, Chinese yuan, Japanese yen, and Korean won. Once again, there’s no euro market in clear sight, although it comes in at the #15 spot. Interestingly enough, the Bitcoin price is trading well above 4,000 euros right now, which indicates yet another big milestone for the world’s leading cryptocurrency.
With the Bitcoin price momentum in full effect, no one knows where this will end or when it will do so. Not that anyone legitimately wants it to end anytime soon, though, as the Bitcoin price is destined for bigger and better things in the future. Its scarcity and global availability make it one of the hottest commodities in the entire world. Now that regulators are seemingly warming up to cryptocurrency as well, things can only get better from here on out. All it takes is one piece of negative news to send the price plummeting down, though.
Heading into the weekend, it is a bit unclear what we can expect. Weekends are notorious for a lack of exciting trading, but the past few weeks have proven us wrong a few times already. It is certainly possible we will see more of the same momentum this week, especially if the US$2 billion daily volume keeps up. So far, that doesn’t appear to be a problem whatsoever, as this Bitcoin growth has been unprecedented. Come Monday, we may be looking at a Bitcoin price of US$5,000 or more. Things can easily head in the other direction as well, though.