The price of bitcoin has climbed to another all time high of $4,000 per BTC across global exchanges on August 12 at approximately 9:40 pm EDT. It was just seven days ago when bitcoin’s price surpassed the $3,000 zone gaining $1,000 in value in just one week.
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Bitcoin Gains $1000 in Value Over the Course of One Week
Last week news.Bitcoin.com reported on how bitcoin crossed the $3K price range just five days after the network split. Now a week later the decentralized currency has continued to rise relentlessly and now commands a weighted average of $4140 per BTC at the time of writing. Most of the current demand for bitcoin is stemming from the U.S., Japan, China, South Korea and India, but the cryptocurrency is growing more popular in nearly every country worldwide according to Google Trends. Local Bitcoins volumes are also soaring in every nation state recorded by Coin Dance data.
At this price, bitcoin’s entire market capitalization is roughly $66B and dominates 47 percent of the entire $134B cryptocurrency market cap. Further, since our last price analysis, BTC trade volume has increased from $1.7B to $2.3B over the past 24-hours. The $4K bitcoin price also follows in line with Goldman Sachs recent BTC prediction two months ago. Goldman Sachs chief technician, Sheba Jafari said at the time;
[Bitcoin] has a minimum target that goes out to 3,212. There’s potential to extend as far as 3,915. It just might take time to get there.
Brace Yourselves, Pictures of Bitcoin Price Tickers and the ‘Roller Coaster Guy’ Are Coming
Bitcoin’s value has gained $1000 per BTC over the course of the last week, and it wasn’t so long ago when the price surpassed $2K back in May. At the time bitcoin’s average 24-hour trade volume was roughly $1B, and since then volumes have doubled worldwide. Moreover, when bitcoin’s price reached the $2K milestone the network hashrate was 4.2 exahash per second, and now miners are processing at 6.1 exahash per second. Mining revenue is also doing quite well reaching its highest point in history, making mining a very profitable business in 2017.
Of course, cryptocurrency enthusiasts are very pleased with bitcoin’s price performance. Social media and forums are littered with pictures of people’s price tickers at $4K with plenty of funny ‘roller coaster guy’ memes as well. There have been some individuals who feel like these rises are no big deal anymore and new all time highs are just like any other day in bitcoin-land. One forum post nonchalantly says, “Meh — Getting boring, wake me up when we’re at $10k please.”
Where do you see the price going from here? Let us know in the comments below.
Images via Bitcoin.com, Bitstamp, Twitter, and crypto-graphics.com.
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