The price of bitcoin took a stab at the $6K zone today at approximately 11:20 am EDT reaching yet another record all-time high. The decentralized cryptocurrency run in 2017 has outperformed nearly every commodity, stock, and state-issued currency worldwide.
Bitcoin Touches $6K Across Global Exchanges
The price of bitcoin has touched a new all-time high of US$6,000 across multiple global exchanges with a current 24-hour volume of $1.7B. This year, high levels of trading are currently stemming from countries like Japan, the U.S., South Korea, and various regions across Europe. Additionally, bitcoin is trending in countries with failing economies like Zimbabwe, and Venezuela as citizens are using the digital asset to escape hyperinflation. Merchant acceptance is growing wild too as nearly every week news.Bitcoin.com is reporting on a new well-known vendor, nonprofit, or organization that accepts bitcoin for services or donations.
Mainstream Media and Well-Known Investor Hype
Due to the massive price spike, this year Bitcoin has caught the attention of mainstream media with publications like CNBC, Wall Street Journal, Bloomberg and more writing headlines about the cryptocurrency regularly. Furthermore, well-known billionaire types and top financial strategists believe bitcoin’s price will continue to go moon-bound. This includes the former Bear Stearns limited partner Jeffrey Epstein, Fundstrat’s Tom Lee, and Fortress’s Michael Novogratz all saying they see massive potential with bitcoin. Novogratz says that he thinks the price of a bitcoin will touch US$10,000 in six to 10 months. Tom Lee thinks the price could reach $25,000 in just five years if bitcoin investors capture just 5 percent of the gold market.
More Milestones In 2017
Bitcoin has been breaking other records besides the price milestones. Lately, there are over 300,000 daily bitcoin transactions, and the network hashrate has touched at a whopping nine exahash per second twice this year. Bitcoin mining revenue is extremely high these days, and the hashrate continues to increase even though some miners are switching between the BTC and BCC chains. Further, wallet adoption has intensified as companies like Blockchain and Coinbase have issued over 27.5M wallets to bitcoin users. All of these network attributes have increased in the midst of forks, PBOC warnings, and Chinese exchange shutdowns, and increased regulation.
Bitcoin’s global trade volume has been much more intense over the past two weeks capturing roughly $2-3B in 24-hour volume. At over $6K per BTC, the decentralized currency has amassed a massive market capitalization of over $100B. Currently, order books across popular exchanges like Bitstamp, show resistance is strong above the $6200-6300 range. The path to the upside seems a bit clearer, as the short-term 100 Simple Moving Average (SMA) has crossed with the longer term 200 SMA and is currently above that trendline. This is a sure sign bulls have control of the market and are not slowing down. However, there could be some sell-off after these new highs peak, as the Stochastic still shows overbought conditions. At 11:20 am EDT the resistance surrounding the $6,000 region is heavy and some slight consolidation took place. At the time of writing the buyers are rallying hard to get the price back to the $6K price region.
Bitcoin’s Performance In 2017 Is Just the Beginning
Overall bitcoin proponents across the web are thrilled with BTC reaching the $6K mark, and many believe the moon launch is just getting started. This year has been phenomenal with bitcoin capturing the $1K price back in January, the $2K range back in May, the $3-4K climb in August, $5K this past October 12, and now $6K during mid-October. That’s more than a 700 percent climb throughout the course of the past three quarters and there’s still a few more months left in 2017!
Where do you see the price going from here? 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.”
Images via Pixabay, and, Bitcoin Wisdom, Bitstamp Trading view, and Blockchain.info
Need to calculate your bitcoin holdings? Check our tools section.