It seems literally nothing can stop the current Bitcoin price momentum. That isn’t necessarily a bad thing mind you, but it also raises a lot of questions. As of right now, the Bitcoin price sits above $15,000, according to Coinmarketcap. It is evident this situation will only improve over time, although no one knows for sure how high the BTC price can effectively go in the coming days and weeks.
Bitcoin Price Momentum Intensifies Even Further
Throughout the year 2017, we have seen some amazing Bitcoin price momentum. it is safe to say this is by far one of the best years for Bitcoin, even though all of this momentum seems to resemble a bubble right now. It is not a popular opinion whatsoever, but no one can deny this rate of growth cannot be sustained whatsoever. For now, the momentum is still strong, but there is no reason to think Bitcoin will be the first asset in history to keep going up in value without major setbacks.
That being said, we have seen the Bitcoin price increase from $12,800 all the way to $15,244 without too much resistance. Granted, there has been a correction around the $14,600 mark, but the pushback didn’t last all that long. In fact, it seems the bullish momentum is only intensifying as we speak, which is a rather scary thought, to say the least. When the Bitcoin price correction sets in, things will get incredibly messy.
When Bitcoin’s price will see its much-needed correction, remains to be determined, though. It is evident there are plenty of people who think the Bitcoin price will hit $100,000 without too many problems before the end of 2018. Whether or not that will be the case, remains to be determined. We have seen massive price gains already without too many big corrections. For all we know, the price can drop by as much as 60% in the coming weeks, or it may continue to increase to $20,000.
With over $13.83bn in trading volume, it is rather evident Bitcoin makes all other currencies look minuscule in comparison. As we have seen throughout the years, Bitcoin price forces the value of all altcoins down as well. Even those currencies which had successfully decoupled from Bitcoin – or so it seemed – are struggling once again. It is remarkable how willing people are to sell altcoins cheap even though they are well aware the momentum will eventually turn in their favor again. For those chasing profits, it is difficult to keep tabs on all of these developments.
Although Bithumb had overtaken Bitfinex in terms of trading volume this morning, the momentum has shifted around once again. Bitfinex is now firmly in the least, although the lead is pretty small, all things considered. GDAX is in third place now, as they easily outpace bitFlyer in terms of volume. It is evident fiat currency trading markets are still firmly in the majority right now, although a lot of people are actively converting altcoin holdings to Bitcoin as well.
It is evident the bullish Bitcoin price momentum becomes a lot more suspicious as of late. While big gains and losses are not uncommon in the Bitcoin world, a $2,000+ price gain in 24 hours is extremely suspicious. Whether or not things will play out in a negative manner, remains to be determined, though. The big question is whether or not any of the altcoins can effectively recover its lost momentum before the week is over. Right now, that seems highly unlikely, as everything is going deep in the red. An interesting situation, although there will be a correction of some sorts sooner or later.