Bitcoin is all the way up – again
Cryptocurrency markets are constantly evolving, and good things are happening to the Bitcoin price right now. More specifically, we have a Bitcoin price increase of nearly 3% on our hands. This is an interesting development, although it was only a matter of time before Bitcoin surpassed 4000 USD once again. Whether or not this is a sign that a new all-time high will be reached before year’s end remains to be determined.
No one will deny the Bitcoin price has seen a good run throughout 2017 so far. Although the past few weeks have not been overly positive, the overall trend for this year is incredibly bullish. No one expected to see Bitcoin surpass 2500 USD this year, let alone go past 4000 USD and even set an ATH of around 5000 USD. It is evident there is a growing demand for Bitcoin as of late, even though that doesn’t necessarily mean more people are using this cryptocurrency to pay for goods and services.
These past few weeks have been pretty bearish for the Bitcoin price, though. Its value dropped from over 4500 USD all the way to 2960 USD. Most of the panic was caused by the Chinese central bank cracking down on ICOs and forcing exchanges to suspend CNY trading altogether. Contrary to what most people expected at the time, these decisions did not have a massive impact on Bitcoin for more than a few days. The 3500 USD level was surpassed again pretty quickly, after all.
With the Bitcoin price now surging past 4000 USD once again, things are looking rather promising for the world’s leading cryptocurrency. The current price trend has exhibited rather low trading volume, yet it shows the market is more than willing to put everything that happened in China behind us.
After all, no country dominates the Bitcoin market and no bank can effectively regulate Bitcoin itself. Any efforts made in this regard are a waste of time in the end.
Speaking of the Bitcoin trading volume, the past 24 hours generated 1,24 billion USD on a global scale. Do keep in mind this number doesn’t include peer-to-peer marketplaces or most decentralized exchange solutions. Although this number is pretty solid, it is still a lot lower than the 2 billion USD mark we have gotten used to lately. Then again, lower trading volume isn’t necessarily a bad thing, but it shows some other markets will need to pick up the pace.
Looking over the current markets ranked by trading volume, Bitfinex remains the undisputed leader with 112 million USD. Bitstamp comes in second with 44.97 million USD, followed by Bithumb with 44.3 million USD. None of these names are exactly surprising, although it is interesting to see bitFlyer having dropped out of the top 3. The euro market is still pretty small for the time being, as Kraken is the only exchange in the top 10 with 31.5 million USD in volume. That’s not stellar by any means, but it is what it is for the time being.
What we think: Whether or not the Bitcoin price will remain above 4000 USD remains to be seen. We have seen a few attempts to rally at this point before, and they all ultimately failed pretty quickly. Right now, there is nothing preventing the Bitcoin price from remaining at this value, though the trading volume isn’t exactly spectacular. These are interesting times for the world’s leading cryptocurrency; we’re excited! What do you think?
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