Bitcoin Crosses the $9K Region
Bitcoin is on the tip of everyone’s tongues these days, as the decentralized currency has breached many all-time highs month after month. 2017 has been spectacular as far as the currency’s value is concerned, with bitcoin rising over 700 percent this year alone. For instance, back in January the price finally breached $1,000 per BTC, but then kept roaring all year long. On October 7 the price surpassed $4,500 which was half of what it is today, and you could have bought the dip on November 12 when the price was $5,850. Although the present value of bitcoin has astonished many, how quickly it has risen has been a shock to most. The currency is now being taken very seriously by naysayers, with it’s massive $150B market capitalization. At press time the price per BTC is at an all-time high of $9020 per token.
Milestone After Milestone, Bitcoin Just Won’t Quit
The cryptocurrency’s market price isn’t the only milestone of bitcoin’s ninth year of life. The currency is being used more than ever before – as there are roughly 250,000-375,000 transactions confirmed on the network every single day. Further, well over three-quarters of the cryptocurrency has been mined so far leaving just 4.3M bitcoin’s left to mine. Bitcoin mining is more profitable than ever – with 24 pools splitting the current hashrate. Right now, the biggest mining pools in the industry as far as hashrate is concerned include Antpool, Viabtc, BTC.com, Slush, and BTC.top. Hashrate itself is massive, as miners at press time are processing over 10 exahash per second, and on October 24 the hashrate surpassed 12.5 exahash. In contrast to the positive news regarding bitcoin during 2017, the network has experienced congestion and significantly higher fees this year as well.
Looking at the charts since our last markets update, we can see some massive resistance up to $9300. During our previous analysis, the two 100 & 200 Simple Moving Averages (SMA) were parting ways after crossing paths earlier this week. Now the short term SMA is well above the long-term trend line indicating bulls may break key resistance quite easily. There is a bit of sell off with consolidation trying to form, as both the RSI and Stochastic show oversold conditions. Bitcoin’s price could see a correction in the near future, but it depends on the when buyers run out of steam. If a drop takes place, order books and some Fibonacci retracements indicate some possible $8,500-8,800 scenarios short-term. For now, bitcoin is trying to hold steady above $9K to keep the momentum going.
Bitcoin smashed an all-time high of $9020 per BTC on Bitstamp at 10:40 am EDT.
Bitcoin has had a fashionable year all around, as mainstream media and the masses are taking notice of the currency’s benefits. Every single top publication and television news channel worldwide has mentioned bitcoin this year, and most of them are talking about it optimistically – with mainstream media highlighting the decentralized currency in some form multiple times a week these days. Media pundits are all talking about bitcoin mining, people using the currency, and, of course, the significant price rise.
Bitcoin interest according to Google trends has risen exponentially.
In addition to the media attention, citizens all across the globe hear about bitcoin far more often than they did in the past. Back in 2015, you could ask someone about bitcoin, and they wouldn’t know what you were talking about. Now, a friend of a friend or family member who knows a cousin just so happens to mine bitcoin – it’s like suddenly everyone knows about bitcoin!
Alongside this, the world’s citizen’s are using BTC in great number where economies are failing; capital controls are tightening, austerity measures are getting worse, and national currencies are suffering from hyperinflation. These countries include places like Venezuela, China, Zimbabwe, Mexico, and many other areas around the world. And we can’t forget about Japan whose been one of the friendliest nations towards bitcoin so far, as the country has legalized BTC for payments across the land. Japan has streamlined thousands of merchants who accept bitcoin, and roughly 88% of the country’s people have heard about BTC.
Are We Nearing the Moon or Are We Not Even Close?
Bitcoin has become a serious contender in the world as far as money is concerned. Reaching $9K per BTC is just one feat this technology has seen this year, and enthusiasts are celebrating it all. As bitcoin slowly creeps towards $10,000 per BTC, people are starting to question where the moon really will be? $10K, $50K, $100K or maybe a million? The kids keep asking where that confounded moon will be?