Cryptocurrency markets are constantly evolving and it turns out good things are happening to the Bitcoin price right now. More specifically, we have a Bitcoin price increase of 2.95% on our hands right now. This is an interesting development, although it was only a matter of time until Bitcoin would surpass $4,000 once again. Whether or not this is the sign of reaching a new all-time high before the end of the year, remains to be determined.
Bitcoin Price Finally Surpasses $4,000 Once Again
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 $2,500 this year, let alone go past $4,000 and even set an ATH of around $5,000. It is evident there is a growing demand for Bitcoin as of late, even though that doesn’t necessarily mean more people use this cryptocurrency to pay for goods and services.
These past few weeks have been pretty bearish for the Bitcoin price, though. The value dropped from over $4,500 all the way to $2,960 in quick succession. Most of this “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, these decisions did not have a massive impact on Bitcoin for more than a few days. The $3,500 level was surpassed again pretty quickly, after all.
With the Bitcoin price surging past $4,000 once again, things are looking rather promising for the world’s leading cryptocurrency. This current price trend is established despite 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 $1.24bn on a global scale. Do keep in mind this number doesn’t include peer-to-peer marketplaces or most decentralized exchange solutions whatsoever. Although this number is still pretty solid, it is a lot lower compared to the $2bn mark we have gotten used to lately. Then again, this 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 $112m. Bitstamp comes in second with $44.97m, followed by Bithumb with $44.3m. None of these names are exactly surprising, although it is interesting to see bitFlyer drop 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 $31.5m in volume. Not stellar by any means, but it is what it is, for the time being.
Whether or not the Bitcoin price will remain above $4,000 remains to be seen. We have seen a few attempts to rally to this point before, and they all ultimately failed pretty quickly. Right now, there is nothing preventing the Bitcoin price from remaining at this value, but the trading volume isn’t exactly spectacular either. There are pretty interesting times for the world’s leading cryptocurrency, that much is certain.
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