By far the biggest cryptocurrency story of the past 24 hours is how the Bitcoin price has set another new all-time high. Although the Bitcoin price has slightly retraced from that new ATH again, things are still looking pretty solid overall. With the value still up by 6.19% at the time of writing, it seems the upward momentum may remain intact for a few more hours or longer. Bitcoin Price Continues to Impress A lot of people have been wondering if the Bitcoin price could reach a new all-time high after the previous top value. Over the past few weeks,
By far the biggest cryptocurrency story of the past 24 hours is how the Bitcoin price has set another new all-time high. Although the Bitcoin price has slightly retraced from that new ATH again, things are still looking pretty solid overall. With the value still up by 6.19% at the time of writing, it seems the upward momentum may remain intact for a few more hours or longer.
Bitcoin Price Continues to Impress
A lot of people have been wondering if the Bitcoin price could reach a new all-time high after the previous top value. Over the past few weeks, that seemed highly unlikely. Thankfully, things have picked up where they left off initially, resulting in even more Bitcoin price gains over the past few hours. The rise to a new all-time high has been pretty spectacular, to say the least. As of right now, the new all-time high for Bitcoin is $6,255, which is a more than respectable value for the world’s leading cryptocurrency.
To put this into perspective, the Bitcoin price rose from $5,786 24 hours ago all the way to this new all-time high over the course of just a few hours. Ever since reaching this high, we have seen a brief correction, which is to be expected. There is plenty of profit taking going on, as no one can say no to an easy $500 profit when the opportunity presents itself. Although some speculators would have expected a massive sell-off, that has not yet happened.
At the time of writing, the Bitcoin price still hovers around the $6,150 mark. That is pretty solid, considering a lot of people have sent him new all-time being reached and lost shortly afterward. In most cases, one would expect a pretty big retrace, but the difference is only $85 right now. All things considered, the upward momentum is still intact for Bitcoin, although reaching $6,500 or more may not necessarily happen this year.
No one will be surprised to learn the Bitcoin trading volume has picked up the slack as well. More specifically, with nearly $2.6bn worth of Bitcoin changing hands over the past, the demand for Bitcoin is certainly there. This volume excludes peer-to-peer and decentralized exchange platforms, though, as the global Bitcoin trading volume is a lot higher than what Coinmarketcap reports right now. Then again, these numbers are still quite spectacular.
As of right now, Bitfinex is still in the lead of all exchanges ranked by trading volume. Its $401.6m worth of volume is pretty significant, to say the least. Bithumb and bitFlyer complete the top three for now. It is also worth mentioning there are five exchanges generating over $100m in 24-hour volume, which is rather interesting to take note of. Japan is the only region where Bitcoin is still valued below $6,100 right now, although that situation may change soon.
It will be interesting to see how the Bitcoin price evolves in the coming hours and days. It is not the first time we see a new all-time high for Bitcoin, although the SegWit2x hard fork is looming closer every day. For now, it remains to be seen whether or not that fork will detract value from Bitcoin in the future, although it seems likely that will be the outcome. All things considered, the current Bitcoin price trend is pretty solid, although there are no guarantees in the world of cryptocurrency.
