It is impossible to ignore the bullish Bitcoin price trend over the past few weeks. Today has been quite a spectacular day so far, as the Bitcoin price briefly surpassed the US$750 mark. Albeit the price has dipped below this threshold, there is still a lot of trading action going on.
While it remains unclear if the upcoming Bitcoin halving has anything to do with the price surge, the value per BTC continues to trend upwards. Earlier today, a new high of US$750 was briefly achieved, although a dip across the exchanges took place immediately after.
Bitcoin Is Tearing Up The Charts
According to WorldCoinIndex, Bitfinex is leading the charge in exchange volume. With over US$72m in Bitcoin trading volume, Bitfinex is the clear market leader in the USD department. OKCoin and Bitstamp complete the top three, albeit they note US$15,000,000 and US$10,300,000 respectively. GDAX Is on the cusp of overtaking Bitstamp, though, as there is only US$35,000 separating the two.
While the USD market is looking very bullish, the majority of Bitcoin trading volume continues to originate from CNY exchanges. OKCoin and Huobi combine for nearly 11 billion CNY in trading volume so far. The Bitcoin price is slightly higher on OKCoin compared to Huobi, albeit it not by much. Chinese traders are always trading at premium rates compared to the rest of the world as well.
The question on everybody’s mind is where this sudden price surge is coming from. Bitcoin has been very bullish in recent weeks, and it seems like there is no stopping the march of this cryptocurrency. Hardly anyone expected the Bitcoin price to surpass US$725 again so soon, but it goes to show there is a high demand all over the world.
There is always a possibility of trading bots trying to influence the Bitcoin price at any given time. A similar occurrence happened before the Mt. Gox collapse several years ago, during which a trading bot pushed the Bitcoin price above US$1,000. Shortly afterward, the price collapsed and continued to decline for several months.
In the end, there are obvious gains to be noted in the Bitcoin world. WorldCoinIndex reports a 5.17% increase for BTC against the Chinese Yuan and 5.75% against the US Dollar. That being said, the biggest gain is coming from the EUR market, with a 7.22% increase over the past 24 hours.
Header image courtesy of Shutterstock