Newsflash: Bitcoin Price Storms Back to $5,725

Bitcoin price is catching wind again, gaining over $600 less than a day to hit a high of $5,725 on Thursday

After yesterday’s retreat to 7-day low of $5,114 (Bitfinex), bitcoin price is now buoyant again as it resumes trading closer to its all-time highs. Bitcoin’s USD value struck yesterday low at 14:15 (GMT) before trading took a positive turn to end the day near $5,575. Momentum stuck on Thursday as trading shot past $5,600 in the early hours before registering a high of $5,725 near 11:00 AM. Altogether, bitcoin price has gained nearly 12% since its lowest point yesterday.

At the time of publishing, bitcoin is trading to the dollar at $5,683.9 on Bitfinex.

Trading data from BraveNewCoin reveals Japanese markets accounting for over a third of the world’s bitcoins traded over a 24-hour period, followed by USD trading. Korean markets continue to see a premium on bitcoin prices.

It remains to be seen yesterday’s pullback can be summed up as a temporary dip in the speculative lead-up to the November hard fork – an event that could be pushing investors to buy the cryptocurrency – fueling momentum in prices – to benefit from the creation of a new asset, like bitcoin cash in August. Within a day of its launch, Bitcoin Cash (BCH) rose to a market cap over $10 billion, making it the third largest cryptocurrency at the time.

Stay tuned for today’s market analysis.

Last modified: May 21, 2020 9:11 AM UTC

Published:
October 19, 2017 2:20 PM UTC
Posted in: Archive
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Samburaj Das @sambdas

Samburaj is the Chief Editor of CCN.com, one of the earliest and foremost publications covering blockchain, cryptocurrency, and financial technology news. He has authored over 2,000 articles for CCN.com. Reach him at samburaj@ccn.com. Visit his LinkedIn profile here or his Muck Rack profile here.