Things just keep on getting better and better for Bitcoin these days. With so much positive attention, it is no longer any surprise the Bitcoin price has set yet another new all-time high earlier today. More specifically, the Bitcoin price briefly surpassed $7,461 earlier this morning, although it was followed by a sharp dip. It will be interesting to see how things market evolves in the coming hours and days, to say the very least. Another Bitcoin Price Milestone If there is one thing the year 2017 has shown the world, it is how the Bitcoin price can reach multiple
Things just keep on getting better and better for Bitcoin these days. With so much positive attention, it is no longer any surprise the Bitcoin price has set yet another new all-time high earlier today. More specifically, the Bitcoin price briefly surpassed $7,461 earlier this morning, although it was followed by a sharp dip. It will be interesting to see how things market evolves in the coming hours and days, to say the very least.
Another Bitcoin Price Milestone
If there is one thing the year 2017 has shown the world, it is how the Bitcoin price can reach multiple all-time highs in quick succession. Especially the past few months have been pretty interesting, with multiple milestones being reached. Not too long ago, it seemed as if reaching a Bitcoin price of $5,000 would be impossible. Today, people are more concerned whether or not we will reach $10,000 before the year is over. This wild Bitcoin price ride is far from over, by the look of things.
Even the past 24 hours have been pretty volatile for Bitcoin, but the volatility has resulted in a new all-time high. More specifically, we have seen the Bitcoin price go from $6,900 to $7,200 before the first rejection became apparent. Subsequent attempts to reclaim $7,200 were unsuccessful until a few hours ago. Ever since, we haven’t dipped below $7,275 again. It is evident this Bitcoin price momentum is stronger than ever, even though it is mainly fueled by speculation more than anything else.
Whether or not the Bitcoin price will remain above $7,250 for the remainder of the day, is a question that can’t be answered with ease. It certainly looks as if the market is preparing for another dip, although this momentum may very well be a bear trap as well. Nothing makes sense when it comes to the Bitcoin price right now, although that in itself shouldn’t really surprise anyone in this day and age. Another leg up to $7,500 isn’t entirely out of the question either, though.
With the strong trading volume firmly locked in place, there is no reason to think the Bitcoin price momentum will reverse anytime soon. Over $382bn worth of BTC has been changing hands over the past 24 hours, which is an absolutely mind-boggling number. Then again, everyone is converting whatever they can spare to Bitcoin, even though we see altcoins recovering some of their lost value as well. It will be interesting to keep an eye on the cryptocurrency markets as a whole in this regard, especially now that we are close to a total market cap of $200bn.
It does seem there have been some changes in the exchanges ranked by Bitcoin trading volume. More specifically, Bitfinex is still the clear leader. However, Bithumb is no longer in the top three, as bitFlyer now sits comfortably in second place. GDAX is the new entrant in the top three, which isn’t something a lot of people saw coming. Then again, the world of Bitcoin offers plenty of surprises on a regular basis, and this development only illustrates that point even more.
The big question on everyone’s mind is whether or not the Bitcoin price will surpass $7,500 before the day is over. Right now, that seems a more than likely outcome, although there will be a major correction along the way as well at some point. It may not come today or next week, but when it arrives, everyone will know about it pretty quickly. This “unknown” is part of what makes cryptocurrency so attractive to investors, though.