A lot of eyes will be on the Bitcoin price for the next few hours and days, like we told you already. We now have a Bitcoin price well above the 4800 (!) USD mark once again. Thanks to the gains made over the past 24 hours. It is evident a lot of people have been waiting to see this price point again, as it brings us a big step closer toward reaching 5000 USD again.
It is good to see the Bitcoin price go up once again. This trend has been visible for a few days in a row now. Considering we have seen two major Bitcoin price corrections this year alone, seeing the value return to 4800 USD in quick succession is all the more impressive.
Very few people had expected things to go this quickly, although it was only a matter of time until the Bitcoin price bull run would reach significant levels again.
While a lot of people may doubt the value of Bitcoin at any given point, this upward trend should not be ignored by any means.
Cryptocurrency is not like any form of money the world has ever seen before, as it can’t be regulated, subjugated, or controlled in any possible way.
Centralized companies providing services related to cryptocurrencies, however, may see their fair share of governmental scrutiny in the coming months and years. Despite all of these hurdles, we now have a Bitcoin price of just over 4800 USD again. This past week has been pretty spectacular in terms of growth, even though the small dip to 4200 USD had a lot of people concerned. Sideways trading action appeared to be the logical outcome at that time, but things have picked up in terms of intensity shortly after. This 600 USD value gain since October 5th is pretty significant for Bitcoin, although it shows the initial correction and resistance was mainly manipulation more than anything else.
Moreover, it appears the Bitcoin trading volume is finally returning to the previous levels as well. To put this into perspective, the Bitcoin trading volume had dropped to around the 1.4bn USD mark last week. That is no longer the case right now, though, as we are back above the 2bn USD range for the first time in over a week. It is unclear if this means the volume will remain at this level for the foreseeable future, but things are certainly looking pretty solid right now.
Nothing has changed in terms of exchanges ranked by trading volume. Bitfinex is still clearly in the lead, with over twice the volume of Bithumb. This Korean exchange projects the Bitcoin price at 4,879.5 USD, which may indicate the price will evolve in that particular direction over the next few days. bitFlyer is still in third place, although they value Bitcoin 50 USD below the global average right now. This is not uncommon, though, and should be no reason for concern whatsoever.
What we think: All things considered, there is plenty of reason to be excited about this current Bitcoin price trend. The positive momentum clearly shows demand for Bitcoin is growing, even though this doesn’t necessarily mean more people use it as a currency to buy goods or services. Then again, it only appears to be a matter of time until the Bitcoin price reaches 5000 USD again. It will be interesting to see how things evolve from that point forward, to say the least. What do you think, when we will reach the 5000 USD mark again?
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