Cryptocurrency markets continue to evolve at a rather surprising pace. In particular, the Bitcoin price is shattering records left, right, and center these days. After setting a new all-time high of over US$8,500 last night, Bitcoin is still rallying and has surpassed US$9,000. It is evident this bull run will not stop anytime soon, as there is a very good chance that we will hit US$10,000 pretty soon.
Bitcoin is Dominant
No one can deny the Bitcoin price has had a good run throughout 2017. Although it has been documented multiple times over, this currency was worth just over US$1,000 only ten months ago. A lot has changed since January, and the Bitcoin price continues to amaze the world. Despite negative remarks from financial experts and associations with “tulip mania”, the Bitcoin price isn’t slowing down whatsoever. Nor will that happen until the five-digit milestone is reached for the first time.
A lot of people are wondering when the Bitcoin price will finally surpass US$10,000. At this rate, it shouldn’t take much longer, but it is still too early to tell when the next Bitcoin price correction will arrive. Despite what some people might expect, the massive price growth we’ve experienced will not pass without a very sharp correction. It may even occur before year’s end, but right now, the markets are far too irrational for us to make any calculated pronouncements on that front.
At the same time, one has to admit that a Bitcoin price of over US$9,000 is a proper validation of what most of us have believed in for many years now. About three years ago, this currency was worth around 1/30th of what it is today. The growth rate is certainly indicative of a major bubble waiting to collapse, but it remains to be seen whether or not that will actually happen. There are a few other bubbles in cryptocurrency which will burst well before something dramatic happens to the Bitcoin price.
Thanks to over US$4.57 billion in 24-hour trading volume, the Bitcoin price may easily surpass US$9,250 before this weekend is over. The demand for the world’s leading cryptocurrency is genuine, by the look of things. There is still the Tether “scandal” looming overhead, which may have a very bad impact on the Bitcoin price in a few months from now. It will all depend on how legitimate that particular project is and whether or not it has sufficient financial assets to back up the USDT in circulation.
As has been the case pretty much all year, Bitfinex dominates Bitcoin’s 24-hour trading volume right now. In fact, its lead over Bithumb has grown, but it is not unusually big either. The US$125 million gap can be bridged with relative ease, although most Bithumb traders prefer to trade altcoins such as Dash and Ethereum right now. GDAX rounds out the top three exchanges, and we also see bitFlyer and Bittrex among the top 5, both with over US$100m worth of daily volume. All signs point to even more Bitcoin price gains; that much is evident.
All things considered, the end of 2017 may prove to be rather spectacular for the Bitcoin price-watching community. Reaching US$10,000 is still a very real possibility, assuming the trading volume keeps up and there is no scandal involving Tether. The industry is still firing on all cylinders and business is picking up as we speak. How all of this will play out in the long run remains to be determined. For now, things look good, but momentum can always change on a moment’s notice.