Bitcoin Price Rally Keeps Going as $4,500 Mark is Well Within Reach

It is once again a wonderful day to be involved in cryptocurrency. The Bitcoin price has set another all-time high and is well underway to break through to US$4,500 and beyond. Most major alternative cryptocurrencies note some positive momentum as well, although both NEM and NEO are going through a correction phase right now. At this rate, the total cryptocurrency market cap will reach US$150bn in a few days from now. This growth has been absolutely stellar, that much is evident.

Next Bitcoin price Target is US$4,500

Seeing the Bitcoin price go absolutely nuts if quite fun, even if it is a trend which almost occurs on a daily basis right now. With yet another all-time high in the books for Bitcoin, it is evident the projections made by financial experts will need to be revised once again. Right now, one Bitcoin is valued at US$4,438.79, which means reaching that US$4,500 mark shouldn’t take that long. Whether or not that will be the case, remains to be seen, though, as there is some pushback across all exchanges as we speak.

That said, no one can look past the 7.59% gain the Bitcoin price has recorded in the past 24 hours. It is evident this bull run is far from over, with some experts predicting Bitcoin will hit US$15,000 before the year is over. That is a very, very ambitious goal, to say the least, but with the current momentum in place, the sky’s the limit, so to speak. Then again, all of this excitement may equally result in a major price correction in the coming days.It doesn’t appear as if logic applies to the Bitcoin price right now, which is both fun and troublesome at the same time.

For the second day in a row, Bitcoin notes a 24-hour trading volume of well over US$2bn. Most of this volume is coming from the Bithumb and Bitfinex exchanges, which are very close to one another in numbers. Other exchanges completing the top 10 include Bittrex, OKCoin, BTCC, Huobi, GDAX, and BitFlyer. Taking the crown for Bithumb will be very, very difficult for any cryptocurrency exchange right now, that much is evident. Then again, Bitfinex is giving the Koreans a good run for their money so far, with a US$15m gap separating the two.

While everyone is keeping a close eye on the Bitcoin price, do not overlook the other top cryptocurrencies either. All of the usual suspects have noted small to medium gains in the past few hours as well. Ethereum is up by 3.7%, and even Ripple noted a 2.3% gain. IOTA continues to make a lot of headway thanks to their 15.03% jump, pushing the value of every MIOTA to US$1. 08. Considering there are nearly 3 billion of these tokens in existence, reaching such a milestone is quite significant. Litecoin is back in the #6 spot thanks to a 3.92% gain in the past 24 hours. Dash is one coin to keep an eye on right now, as it increased in value by as much as 13.2%.

Sadly, there are also currencies which do not benefit from this Bitcoin price gain right now. Both NEM and NEO are noting quite large losses, which is quite unusual given their recent trends. Then again, both currencies have noted a massive growth these past few hours, and a correction had to occur sooner or later. It seems that the correction is taking place right now If Bitcoin were to see a similar trend, things will get ugly pretty quickly. More specifically, it wouldn’t be impossible to see the Bitcoin price retrace to US$3,500 or potentially lower.

For the time being, the question on everybody’s mind is what will happen to the Bitcoin price in the near future. Right now, it appears US$4,500 is certainly within reach, although the price may not reach that point today just yet. There are some interesting things taking place in all of cryptocurrency right now, yet it is hard to tell what the next few hours will bring. The trading volume is certainly there to push the Bitcoin price to new heights in the very near future, that much is evident. An interesting chart to keep an eye on, although the end result could surprise everyone.