Bitcoin has gone mad. This is offcial. But are we really surprised with its value?
On 12th October the price of bitcoin has crossed 5,000$ which was not really surprising for many of us who witnessed main increases in spring and summer. Today bitcoin has achieved its all time high, namely 5,846 dollars. After few hours the price begun to drop down but after some time it has stabilized at 5,200-5,300$. So it seems that we have some real perspectives to reach or even cross 6,000 dollars soon.
Japan yen is still on top concerning bitcoins echange volumes (right now it’s 57%). But right after the Japanese currency is the American dollar and South Korean won which means that the Asian markets are most important players in the game. Bitfinex, Bithumb, Bitflyer, Bitstamp and GDAX are currently five the biggest exchanges which still processing bitcoin. Because of that we have 30-50 thousands unconfirmed transactions, still in waiting.
Orders for bitcoins on popular exchanges just like Bitstamp are really accelerated and show resistance between 5,800-5,900$. On such high price level, correction seems to be near but I personally would be quite calm taking into consideration the upcoming increase till the hard fork planned on 25th October. After that happens the price might go down for a while.
Almost whole cryptocurrency community seems to be worried about the upcoming fork because we’ve already experieced the split in August and we can base on what happened then with the bitcoin’s charts. Moreover, it seems that media have more positive attitude towards cryptocurrencies and they treat it like a fine way to make some money. Bitcoin’s popularity also affects its price which is really positive for the future of cryptocurrencies.
And what do you think about the current situation with bitcoin? Should we expect a sudden correction or patiently wait for new increase? Let me know!