Bitcoin Bites Back and Surpasses $4,500 and Even Higher!
Cryptocurrencies are considered the new trend of the trading industry, and many people believe that cryptocurrencies will revolutionize the way the world exchanges money. The most well-known cryptocurrency is Bitcoin, and it’s the one with the highest market value of its kind. As of now, it has once again surpassed the value of $4,500 per Bitcoin, showcasing its ever-growing importance to the world.
The cryptocurrency industry isn’t a rollercoaster that only goes up; it has experienced its own setbacks and complications as well. Among these include the decline in value since the Chinese government banned the exchange and use of cryptocurrencies; and the iconic speech by JPMorgan’s CEO Jamie Dimon where he publicly denounced Bitcoin, naming it a fraud.
Perhaps as the investors doubted the longevity of the cryptocurrency industry, these unfortunate events caused Bitcoin to depreciate in value, dropping from a remarkable $4,500 to a not-so-remarkable $2,900.
Nonetheless, the heights that Bitcoin has reached are exceptional in their own right. The word “Bitcoin” was probably never even heard of by the majority of the population back in 2016. But now, Bitcoin is the new craze! Everyone has seen it on the news or heard it from the mouths of peers. Everyone is itching to be a part of the revolutionary cryptocurrency and for good reason.
Bitcoin’s value has surged since the start of 2017, where it began with a value approximately $900 in January to $4,800 as of now. While the price of Bitcoin did drop due to external influences, it has risen back and is expected to end 2017 with the value of $6,000. Knowing this, it is easy to infer that the future of Bitcoin seems to be promising, as it continues to pave the way for other types of cryptocurrencies.
While China’s actions did cause Bitcoin to depreciate in value, this price drop evidently did not last for long. Bitcoin has surpassed the $4,500 mark once more and is expected to soon surpass the $5,000 mark in the span of a month. This only further solidifies the appeal of cryptocurrencies, as it is owned and governed by no country and no bank.
Bitcoin Trading Volume
On the subject of Bitcoin, it should be noted that its trading volume has generated a value of $1.24 billion globally in the past few days. Take note that this value excludes decentralized exchange solutions and peer-to-peer trades. While this amount is remarkable in its own sense, it pales in comparison to its previous average of $2 billion. Of course, low trading volume doesn’t signify the fall of the industry; simply that other markets need to jump and join in the exchange in order to solidify Bitcoin as the leading cryptocurrency.
Among the markets that are leading in Bitcoin trading volume, Bitfinex remains the undefeated champion with $394 million. With a not-so-large gap from Bitfinex, Bithumb comes in second with $371 million as it leads by a larger margin with the third place Bittrex with a trading volume of $218 million. The involvement of the euro market in the trade of Bitcoin is not quite as big as its American dollar counterpart, as Kraken is the only company in the top 10 traders, with $107 million. Among these markets, it is quite notable that bitFlyer, a previously leading trade marketer, has dropped out of the top 3.
The future of Bitcoin remains to be observed. Whether its value will once again drop or keep accelerating at its current pace, it all depends on the people who avail of its services. Nonetheless, cryptocurrencies are a new and interesting concept; a topic worth following, as its continuous growth could someday define how payments are made in the future.