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.