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Although surpassing a Bitcoin price of $10,0000 is a majestic feeling, it may very well be the tip of the iceberg. More specifically, we see a lot of markets push the Bitcoin price to $11,000 and possibly beyond. Especially in Asia, the price is already approaching $12,000, whereas the Western world is behind by over $1,000. An interesting gap to take advantage of, that much is certain.
What is Next for the Bitcoin Price?
That is the big question on a lot of peopleâs mind right now. It is evident that the $10,000 barrier has been broken successfully, but no financial asset can afford to stand still. It appears the massive Bitcoin price growth will continue for some time to come, with the Asian exchanges leading the charge toward $12,000 and well beyond.In the West, however, surpassing $11,000 may be another monumental task which isnât all that easy to overcome.
More specifically, there is fiat currency-related trading market for Bitcoin which is over $11,000 right now, other than those in South Korea and Japan. The USD markets are approaching the $11,000 level steadily, though, with GDAX clearly in the lead right now. Most other exchanges have caught up to this level as well, and even Krakenâs BTC/EUR pair isnât too far off the mark for a change. That exchange is still well behind in pretty much all other markets right now, though, as their issues seemingly canât be resolved whatsoever.
With the Bitcoin price approaching the $11,000 mark all of a sudden, things are certainly picking up speed. One has to remember we were still well below $10,000 less than 24 hours ago, and now we are already looking to surpass $11,000. These massive gains are very difficult to explain, but it is obvious a large part of the world is only now waking up to the Bitcoin phenomenon. Scarcity and a massive dose of ignorance toward Bitcoin force people to buy in at these astronomical prices.
With over $9.15bn in 24-hour trading volume, Bitcoin has successfully any previous records which may have stood for some time.This trading volume is proverbially off the charts, as we have never witnessed such a massive demand for Bitcoin. Not even when Mt. Gox failed all those years ago did people show such an interest in buying Bitcoin. We can only hope history doesnât repeat itself in this regard, but only time will tell what the future may hold.
Bitfinex is still, without a doubt, the largest exchange for Bitcoin trading volume. Although Bithumb is getting quite close, they never seem to leapfrog the leader. GDAX is in third place now, adding another USD trading pair to the top markets. Very few people are converting altcoins to and from Bitcoin right now it seems, as there are a lot more fiat currency trading pairs in the top compared to what we are used to. An interesting time for Bitcoin enthusiasts, as things are finally coming together as so many people have hoped for.
The big question is whether or not any of this is sustainable for the long run. The obvious answer to this question is âno, not at allâ, but it isnât necessarily the right answer either. All bets are off in the world of cryptocurrency right now, and making accurate predictions is borderline impossible. We can only hope that, when a correction occurs, the losses will be kept to a minimum.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.