Bitcoin Price Blazes Past $2400 and Higher in Japan, India and South Korea

Bitcoin Price Blazes Past $2400 and Higher in Japan, India and South Korea

Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea.

Also read: Bitpay’s Bitcoin Prepaid Card Now Available to 131 Countries

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily

Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The bull run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
South Korea and Japanese exchanges show huge bitcoin demand.

Additionally, there has been significant demand coming from many countries globally, but in specific regions, the price is going through the roof. For instance, at the Japanese exchange Bitflyer, the price per bitcoin is trading at an average of $2700 at the time of writing. Moreover, most BTC/JPY exchanges are trading at this level. Another country that is pushing bitcoin demand higher is South Korea as prices are significantly above even Japan. The Korean trading platform Bithumb is trading BTC at a value of $3150 at press time. In India, bitcoin is trading at a premium for the past 48-hours as well, reaching $3050 on exchanges like Unocoin. 

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Bitcoin price starts spiking again at 6 am EST May 24, 2017.

Weekly View Analysis  

Weekly technical indicators suggest the rally may test ranges between $2500-2600 over the course of the next two weeks. As usual, the 100 Simple Moving Average (SMA) is continuing to stay well above the 200-term SMA which means buyers are still in control. Over the course of the week, there have been sharp downswings intermittently ranging from $50-150 drops at times.

Fibonacci retracement trend lines show some fluctuations as bitcoin’s current trajectory could slow up and may stabilize in the $2350-$2400 range temporarily. Both Relative Strength Index (RSI) and Stochastic oscillators show some bear traps could come at any moment in the short term. However, most technical indicators and rule books can be thrown out the window these days, as bitcoin’s rising price has surprised even the most experienced traders.

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Global Localbitcoins volumes are climbing every week.

The Altcoin Fiesta Continues  

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Even Doge is gaining value. Such Wow!!

Just as bitcoin has been performing phenomenally, there have been many altcoins doing just as well. The entire market is now valued at over $90 billion dollars, and most of the money piled up in just a few short weeks. The smart contract token Ethereum (ETH) is now commanding a $20 billion market cap as each ether is worth $220. Ripple (XRP) has stabilized and even dropped in value a touch at 34 cents per XRP and a 13 billion market cap.

Alongside the top three many other coins throughout the top 20 list are catching waves of fresh new money. The cryptocurrency NEM is ($0.25), and Ethereum Classic (ETC) jumped considerably ($20.85). Meanwhile, Litecoin is back on the uptrend ($33) and so is Dash as the token has hit an all-time high of $150 per coin. Others such as Monero, Stellar, and Bytecoin have all made considerable advances as well. Furthermore, one notable surprise comes from Dogecoin markets which now hold the 11th position. The meme token is trying to enter the top ten list, and some hope Dogecoin will one day be worth a penny.

The Verdict

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
The Indian exchange Unocoin shows a premium price of $3050 USD at today’s exchange rates.

In general most of the cryptocurrency community has been very positive over the past few weeks. A lot of announcements happened this week during Consensus 2017 from startups like Bitpay, RSK, and Shapeshift. Additionally, Barry Silbert introduced a compromise that seems to have a lot of backing from both bitcoin-based businesses and the mining sector. It’s not certain whether or not the agreement will mean anything or even happen, but there are many who are hoping for some kind of solution before bitcoin grows too popular. Lastly, the demand coming from places like China, Japan, India, and South Korea doesn’t seem to be slowing anytime soon.

Bear Scenario: Seemingly there is a strong floor in the $2100 range at the moment but the price swings over the past three weeks show that floor could easily break. Over the course of the week, there is sure to be a bunch of volatility, so those making profits from intra-range and day trading will be in heaven. As said above swings have been ranging from $50-150 at times, so bears are undoubtedly playing their hands.

Bull Scenario: Bitcoin has roared a few dollars past the $2400 mark and seems to be taking a rest after all that hard work. Bulls can definitely recharge their engines as they have done multiple times over the past two weeks breaking higher price barriers. Short term technical indicators have been at odds as bulls have held the reigns for a long time. $2500 to $2600 per BTC or an even higher exchange rate is not out of the question at the current rate of growth.                

What do you think about the price of bitcoin breaking $2400? Do you think bitcoin will continue to rise to higher levels? Or do you expect a deeper correction soon? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

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  • Mightypai

    Chikun to 100 USD ! Arise Chikun !

  • Tradz House

    With all of this DEMAND especially from the Asian side of things, I expect more upward momentum, why n0t! It will correct here & there but no one knows how deep. Point is, we know where it’s headed 😉

  • Dr. Bubó

    If we divide the global GDP by 21 million, we can see that the theoretical maximum value is above 3 million USD.
    That said, even if it was 100,000 USD, it would inflate the dollar and the ever rising BTC would became the primary cause of the financial collapse. Any refutation?

    • Marcello

      Why do you divide the global GDP? This is not the reference for Bitcoin, but all the money and assets circulating.

    • Frankie Galloway

      It appears a vast portion now is coming from derivatives, not GDP-paychecks. 21m is actually not an viable reference also. Attrition via loss, death, damage, wars, etc will most likely reduce the number to to -20m over the next decade. I generally look at 18m, 4 years ahead. after that SWAG. Value depends use-cases adopted and if crypto is traded for fiat, or goods and services, or held on to until they pry it out of my cold dead hands. Inflation is certainly an issue but I don’t think adopting crypto will be the cause. Even at 500k btc it can peacefully coexist with the massive 1.4 quadrillion derivatives market. Ok, the banks will either adapt or keep asking questions, like, ” do you want fries with that?” Adoption will vary regionally with a massive differential between rural and urban areas. I’m out in the sticks man, and 95% people don’t get it and probably never will. And the few who do, already live paycheck to paycheck. But I calculated we probably need around 200 to 300 million people from various demographics in our crew to make Bitcoin what it could be. Getting that, I do see 500k on btc prudent in a decade or less.

      • Dr. Bubó

        GDP is an attempt to know the full output of the economy, while the derivative market is just the amount of debt in the system. The true value of any asset is calculated by the income its generate, so the calculation of the price of a global asset will always include the global GDP, so it is a good reference however we hate it.
        But why 500k? What is your math behind this figure?

        • Frankie Galloway

          Yes, a portion of GDP will always constitute funds available for bitcoin ownership. But capturing a portion of the derivatives market is often overlooked.
          When I first started buying btc 4 years ago it was from extra cash on hand or out of GDP as I defined. Sensibly investing less than 5% of my networth. As bitcoin performance increased and my confidence increased I allocated a little bit more. There comes a time when it appears sensible to hedge a portfolio of wealth by liquidating lesser performing assets and derivatives, even a small portion of retirement funds into an asset that demonstrate a strong gain such as btc has for 30 months.
          At this point I might sell my ole’ lady for it too. Seriously tho, It’s just a common sense move that many people with a financial head are begining to observe.

          When holding a long position and wanting to guestimate the Time/Value forecast of bitcoin
          or other crypto one might employ a crystal ball as well as technical charts with 100/200sma and Fibonacci overlays. Not that my methods are any more accurate for the long term than anyone else’s, but a simple spreadsheet will reveal if Bitcoin can continue to double its value each year “on average” as it has 2015-2017, it can possibly achieve nearly 500k by 2024 even or before. Typically I play around in a vertical spreadsheet column that just adds 8% growth to the previous month. I can fiddle around with different models with different values easily and look at linear or exponential forecasts. I find it very simple and as useful as anything else.
          Really just guessing considering past performance and future potential. It’s close enough for all practical purposes as they say.
          No matter what method one uses for the long term, its like predicting the weather 20 days out. Just too many butterfly effects around. How constraints on supply and influences on demand will affect actual performance rate is anyone’s guess. Especially since crypto is divisible and people will only buy in amounts or portions depending on what they are willing to risk..

          Obviously growth will never move in a straight line. Yet Bitcoin is obviously engineered to compensate value within the adoption curve by limiting supply as adoption increases. The parity of those two vectors will remain vague.
          I take “average” loosely as no one knows what headwinds will prevail or what momentum will be induced. In fact, if investor confidence propelled it at 25% month over month (higher this May) math will show it reaching 500k value in 2 years. SMH.
          To reconcile that 500k value, take 1%, a small portion of total global derivatives, roughly 1000 trillion. (=10t) With that 1% moved into bitcoin instead of slacking securities, divide it by an inventory of roughly 18m bitcoin in 4-5 years time and you get
          555k for a btc. Not impossible I suppose. Ask the bulls. But anything near that and I’m game!
          But it’s also possible a global crisis, technical issues, oppressive regulation or other events could push it back to the underground from which it came. All in all, I consider it worth rolling the substantial dice. Hey, it’s only money. Not like climbing a mountain or some damn foolish fun. IMO the current global climate seems fair enough to climb the blockchain. Time to move some gear around and head up.

  • Leonidas

    NO ONE can possibly even venture a guess as to where this is going. It’s completely uncharted waters. The only thing we can say for certain is, that Fiat Currency is going by way of the Horse and Buggy. It’s about time too. Crypto is so much more secure and not nearly as susceptible to government manipulation and corruption. .

  • Gurender Singh

    I don’t feel there is going to be a strong correction, as the demand is growing exponentially in Asian market and more and more ppl are diving into this segment,which is driving the bull saga. I think once investors inflow subsides in coming weeks the price of coins will stabilize.