Bitcoin has always been the leading cryptocurrency worldwide. Bitcoin users, Financial Analysts, and Business gurus were at the edge of their seats as they waited patiently and excitedly on the turnout of Bitcoin’s Price.
Well, as expected Bitcoin remained to be the top Cryptocurrency in the market as it reached its highest all-time price!
This is indeed a wonderful news for all Bitcoin Users. This news will change the views and opinions of new and existing players in the Cryptocurrency Arena and even the Crypto-skeptics.
The question now is, Will Bitcoin maintain its price increase? That is something to watch out for, but for now, it shows that Bitcoin remains its popularity and strong financial influence.
The Price of Bitcoin Established a New All-Time High of $5219.1 USD at Bitfinex This Morning
The major price level of $5,000 has been emphatically broken this morning, as prices surged from $4,900 to over $5,200 in just two hours. At the time of writing, prices appear to be consolidating above the prior resistance of approximately $5,000 USD.
The new high comes just thirty days after bouncing off the recent low of approximately $3,000 USD that was established following announcements of China’s recent crackdown on cryptocurrency exchanges. Despite the ensuing fear, uncertainty, and doubt that resulted from the sudden exit of major Chinese cryptocurrency exchanges from the bitcoin markets, bitcoin was able to make a strong recovery after bouncing off the major support area at $3,000 USD.
Changing Market Dynamics
Following the closure of several major Chinese bitcoin exchanges, Japanese trading volume has come to comprise approximately 60 percent of all bitcoin trading volume. The rise to dominance of the Japanese markets has largely displaced fears that China’s cryptocurrency crackdown signified the end of bitcoin’s bullish trajectory heading into the end of 2017.
The new all-time high has been established despite concerns from some elements of the bitcoin community relating to the Segwit2x hardfork which is expected to take place at the end of the month.
Via Bitcoin News