Bitcoin Forum

The price of bitcoin has finally surpassed the $5K territory after a few teases this past spring and summer. During the earlier hours of October 12, bitcoin’s market value spiked past the $5,000 range and has reached an all-time high of $5846 per BTC across popular global exchanges. Bitcoin’s pathway to $6K is within sight.

Bitcoin Blasts Past Major Resistance Moving Into Uncharted Price Territory

The price of bitcoin (BTC/XBT) has touched a high of $5,846 as it has continued to climb in value relentlessly all day. Presently, bitcoin trade volume is strong with $3.4B in daily trade volume and hasn’t let up since the bull run started. A few hours after the quick jump to around $5,200-5,300 today there was a small amount of profit-taking and sell off, but it didn’t last long. Bitcoin’s price soared between 10-11 pm EDT as buyers hammered away at bids to the $5,800 zone. The high was followed by a significant drop back down to the $5,550-5,600 territory, at press time the market value seems to be consolidating in this region.  

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Japan takes the lion’s share of bitcoin trade volume.

The Japanese Yen is still leading the global trade volume race, capturing 57 percent of bitcoin’s fiat exchange volume at the time of writing. The USD and South Korean Won follow the lead, as Europe and China trail a just a touch behind the top three countries in trade volume. Right now the top five exchanges processing the most bitcoin volume include Bitfinex, Bithumb, Bitflyer, Bitstamp, and GDAX. As the price lifted both cryptocurrency exchanges and the bitcoin network itself was quite busy. Network congestion has increased a bit, and there is currently 30-50K unconfirmed transactions waiting in the mempool.

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Bitstamp order book is moving at lightning speed on October 12, 2017, at 10:45 pm EDT. The price spiked from $5450 to $5846 in just over an hour chewing through orders.

Read more: https://news.bitcoin.com/markets-update-bitcoins-price-peaks-past-5800-across-global-exchanges/

A steep rise is pretty normal when an old all time high gets "smashed". It reminds me a bit when $50 were broken for the first time (I believe it was in March, 2013, and it almost instantly went up to $70).

But the speed of this movement looks again a bit "bubblish". We have to wait now if there are enough greater fools left to buy above of $5500. If there are enough greater fools it may go to $7000 or $8000 in a few days, but I don't expect the price going much higher, sincerely.

Aren't Japanese exchanges still mostly using a zero-fee policy? Would the high volume then be a surprise?

I love the enthusiasm around the recent mega pump and I do not want to sound a bear but I will wait a few more weeks to see if BTC will hold the ground steady or if we have to expect major corrections. However is not possible not to feel the magic around the latest jump  :)

Its now going on a see-saw swing, now its above ~$5600 then after few minutes the price would go to $5700. But I want to be wary with this price swings, although it already happened in the past, I don't want to see another major dip. But I supposed that FOMO is really real that why the price keep pushing and testing new boundaries.

Obviously Japan would lead the way as they are the only country so far that has embraces bitcoin and still continuing to lead the march. Many exchanges will soon be operational on their country so expect something big is to come from them as far as trading volumes is concern.

I just love where this is going, hope all the doubting Thomas's we have will not hesitate to invest in cryptocurrencies which are said to be the future of tomorrow. And if this favorable conditions remain the way the are we just might breach $7000 before the end of the month with the black Friday, cyber monday all still to come, the hype is still alive.

I'm a big Bitstamp fan honestly

Corrections are always part of the game, but if there is one thing the market has taught us this year (more than ever before), then regardless of the analysis and the knowledge that people may have, this market is moving on its own, where basically no one here can properly 'play' this market. It's the market that plays the people here. In this case, everything you do might end in disappointment. If you wait and the price happens to go up big time, you'll be disappointed. If you buy and the price happens to go down big time, you'll be disappointed too. The only proper thing to do now is firmly holding your coins. If you do end up buying/selling/waiting, then at least be in piece with what you did.