Good things are happening to the Bitcoin price as we speak. Sometimes, it feels good to be wrong with one’s expectations, especially when things turn out a lot better compared to what we had originally assumed. The Bitcoin price, more specifically, has seen some major growth last night, which took a lot of people by surprise. With the Bitcoin price finally above $6,000, the new all-time high is certainly making a lot of people very happy so far.
Bitcoin Price Reaches new All-time High
It is always good to see the Bitcoin price go up in value, especially when one least expects it. More specifically, things were looking pretty bleak for the Bitcoin price just yesterday, after nearly 24 hours of sideways trading momentum. Then again, sideways momentum often results in a major price change, and in the case of the Bitcoin price, the eventual momentum pushed BTC to a new all-time high in quick succession.
More specifically, it is the first time in history we witness a Bitcoin price of $6,091. This is a value most people wouldn’t have associated with the world’s leading cryptocurrency just a few months ago. Although the year 2017 has been extremely bullish for Bitcoin when looking at the bigger picture. Things could have easily reversed course. At one point, the price almost did revert, thanks to a major correction pushing the price down a few months ago.
Ever since that time, however, the momentum was headed in the right direction again. This trend is also clearly visible on the price charts. Around September 8th, we saw the Bitcoin price hover around the $3,000 level.Just over a month later, the value spiked to over $6,000. It is remarkable how things can change in this regard. It is also important to note how Bitcoin is still a very niche market for the time being.
Thankfully, we see some very strong trading volume for Bitcoin over the past 24 hours. More specially, over $2.661bn worth of Bitcoin has changed hands over the past 24 hours. For a trading period spanning both Friday and Saturday, that number is a lot higher compared to what most people would expect to see. A more than pleasant surprise, to say the very least, although it shows the upward Bitcoin price momentum may not be fully over whatsoever.
Things are also heating up in the world of Bitcoin exchanges right now. More specifically, Bitfinex is still clearly dominating the market in terms of trading volume. Bithumb is still in second place, with bitFlyer completing the top three. GDAX and Bitstamp also generate over $1200m in volume right now, which is pretty impressive overall. It doesn’t happen all that often we see five exchanges generated over 100 million in trading volume, which is pretty remarkable. All five exchanges are on this list due to their fiat currency pairs.
More importantly, we now have a Bitcoin market cap of over $101bn for the first time as well. The Bitcoin bull run throughout 2017 is exceptional, to say the very least. It will be interesting to see how things will play out in the next few days and weeks, though. More specifically, this massive spike will be met with some resistance and profit taking along the way. Things look very promising for the Bitcoin price right now, but one never knows what the future will bring whatsoever.