The positive Bitcoin price momentum is still in place as we speak. Thanks to some strong gains over the past few days, we are looking at a Bitcoin price of over $11,800 right now. It is only a matter of time until this value surpasses $12,000, which would send some shockwaves throughout the financial sector. The world’s leading cryptocurrency is not done just yet, that much is evident.
Bitcoin Price Trucks Along Nicely
Truth be told, a lot of people had expected a far steeper Bitcoin price correction before we would see any further upward momentum. When the price was rejected from its previous all-time high in rather dramatic fashion, there was a genuine fear we might drop well below $8,000 in the coming days. Surprisingly, things never got that bad, as the value eventually settled at around $9.250.
Although such a $2,000 drop scared a lot of people, it was only a minor blip on the radar when looking at the bigger picture. We now see the Bitcoin price recovering all of those losses and even reach a new all-time high in the process. Things have been especially interesting over the past 24 hours, with a near $1,000 gain across all exchanges. This growth is nothing short of remarkable and astonishing, although it may very well be just the beginning for Bitcoin. Some experts predict a Bitcoin price of around $40,000 by late 2018.
Whether or not that Bitcoin price is achievable in the next 12 months, remains to be seen. The current trend certainly seems to indicate anything is possible when it comes to Bitcoin. With a price change of around $500 in the course of just one hour, there is no reason to think bigger gains are on the horizon for the world’s leading cryptocurrency. An interesting future is ahead, that much everyone can agree on at this point.
Bitcoin once again notes very strong 24-hour trading volume during the weekend. With over $5.4bn worth of BTC changing hands these past 24 hours, the demand for cryptocurrency is not slowing down whatsoever. This current Bitcoin price gain has also pushed the total cryptocurrency market cap over $351bn once again, which is something that shouldn’t be ignored. All cryptocurrencies are flourishing and the majority of them can co-exist with BTC.
Bitfinex is still the go-to exchange when it comes to buying or selling Bitcoin. Their trading volume is almost twice as high as Bithumb’s, and three times as high as HitBTC’s. A remarkable trend that will not change anytime soon. It is also worth noting Bithumb projects a Bitcoin price of over $12,371 at this point in time, which is a pretty interesting gap compared to the rest of the world. Unfortunately, very few people can “exploit” this arbitrage opportunity right now.
How things will play out for the Bitcoin price remains to be seen. The positive momentum is still in place and it seems to grow even more bullish these past few weeks. There is no reason to think the Bitcoin price won’t reach $12.500 before the year is over, but there is never any certainty when it comes to cryptocurrency. Markets can turn sour on a whim’s notice. If that happens, all cryptocurrencies will suffer once again, as Bitcoin drags everything else up or down.