Things are looking incredibly promising for Bitcoin and the BTC value right now. With the overall cryptocurrency market cap surpassing US$102bn, the fear of missing out is setting in around the world. A lot of consumers and investors want to ensure they make a strategic investment in cryptocurrency right now. As a result, the Bitcoin price keeps going up and is well underway to hit US$3, 000 in the near future.
THE BITCOIN PRICE KEEPS GOING UP QUICKLY
Just yesterday, we discussed how the total cryptocurrency market cap would surpass US$100bn very shortly. Fast forward to today, and that is exactly what happened. As of right now, the total market cap sits at over US$102bn, and it seems there is still a lot of room for future growth. A lot of fresh capital has entered the cryptocurrency ecosystem, just as it has done so over the past few weeks.
Rest assured a lot of people are closely monitoring the Bitcoin price right now. A new all-time high has been set virtually every hour, and it looks like the momentum is not over just yet. Right now, one Bitcoin is valued at US$2,908. That means we are getting incredibly close to hitting US$3, 000. This value represents a target most “experts” claimed was well out of reach. Then again, one cannot properly predict how a free market will evolve despite technical analysis, charts and observations.
Even though Bitcoin is not the only cryptocurrency shooting up in value, it remains the most important one to a lot of traders. If Bitcoin’s value goes up, so will the value of other cryptocurrencies, digital assets, and tokens. It is in everybody’s best interest to see the Bitcoin price appreciate over time. Then again, it is also possible a lot of investors will convert alternative currencies back into Bitcoin, which will lead to some volatility in these markets.
With close to US$2bn in 24-hour trading volume, it is evident demand for Bitcoin is not slowing down anytime soon. Korean exchanges have already projected the Bitcoin value at over US$3,000, although traders in these regions often pay a hefty premium to buy and sell Bitcoin. China has Bitcoin valued slightly higher compared to the American exchanges, although the gap is a lot smaller than most people would expect.
When looking past the Bitcoin trading volume generated by various alternative currencies and tokens for a moment, it is evident fiat currency-based trading is increasing in volume. The USD, KRW, CNY, and even EUR markets are all providing a lot of trading volume right now. This seemingly indicates people are converting their fiat currency to Bitcoin and vice versa. Based on the current charts, it looks like most people are actually buying Bitcoin, rather than selling it. This is a sign of FOMO settling in, although it is still too early to tell what is going on exactly.
For the time being, it is unclear what will happen to the Bitcoin price. The previous sharp increase in value was met with an equally sharp dip shortly after. It is possible Bitcoin will reach US$3, 000 without too many problems. On the other hand, the price may drop a fair before resuming this upward trend. Regardless of which scenario comes true, there will be plenty of eyeballs glued to Bitcoin trading charts over the coming days.
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