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.
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.
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.
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.
The Altcoin Fiesta Continues
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.
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 Bitcoin.com 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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