Bitcoin Price Shoots Past $16,400 Again on the Road to Recovery

Things are finally getting back on track for Bitcoin. After a rough patch at the end of 2017 and early 2018, the Bitcoin price is finally moving up once again. More specifically, we now have a Bitcoin price of $116,461, which is a nice 10.53% increase compared to 24 hours ago. Whether or not this means we will see a new all-time high Bitcoin price soon, remains to be determined. For now, things look pretty solid, although there is still an overall bearish sentiment in the market.

Bitcoin Price Shows Some Momentum Again

People who have kept an eye on the Bitcoin price these past few weeks may have noticed the world’s leading cryptocurrency hit a snag. More specifically, after a very bullish 2017, the year ended with a Bitcoin price of around $13,000. Although this is still a high value considering we started 2017 around the $1,000 level, people had expected a better end of the year. More specifically, we hit an all-time high of over $19,000 at one point, yet it seems virtually impossible to reach that level once again.

At the same time, this year may finally get off to a good start for the Bitcoin price. More specifically, we finally see some Bitcoin price momentum to move things along once again. Although it is still too early to consider this the road toward a new all-time high, it’s good to see Bitcoin surpass the $16,000 mark once again. After all, it almost feels years ago since we last did so, even though it was just a few weeks. People have a very short memory span in the world of cryptocurrency, to say the least.

Although a 10.53% gain is pretty significant for any cryptocurrency, it matters even more to Bitcoin. After multiple days of slowly sliding down the charts, the Bitcoin price has finally noted a major green candle. As one would come to expect,t his momentum was immediately met with some resistance, although it remains to be seen if the bears can keep the Bitcoin price down for much longer. No one should expect any major shifts to happen in the next few hours, though, as a sharp increase will always lead to a sharper correction.

As is usually the case, Bitcoin’s trading volume makes all other cryptocurrencies look bad. To be more specific, Bitcoin noted close to $22.4bn in 24-hour trading volume, which is an astonishingly high number. A lot of money is moving around in the world of cryptocurrency, although we also need fresh capital to keep coming in. So far, it seems 2018 provides a healthy balance between the two, albeit things can always change at any given moment.

What is rather remarkable is how the leading exchange by Bitcoin trading volume is Binance. More specifically, their TRX/BTC pair generated over $2.38bn, which is rather shocking. Bitfinex is the second exchange on the list, with their BTC/USD trading pair representing $722.17m worth of volume. Binance is in third and fourth place as well, with its respective Ethereum and XRP pairs. A very interesting dynamic is forming in the world of cryptocurrency right now, although it remains to be seen if this is a positive change first and foremost.

How all of this will play out for the Bitcoin price in the next few days, remains to be seen. A lot of people remain hopeful the Bitcoin price will set a new all-time high very soon. In South Korea, one BTC is trading at a price of $21,143. That is quite a steep difference compared to the rest of the world. Whether or not we will see any positive developments in this regard, is anybody’s guess at this point in time. Rest assured the year 2018 will be very interesting for all cryptocurrencies that matter.