Bitcoin Going Strong

According to the CoinDesk Bitcoin Price Index (BPI), the price of bitcoin has shot up again, surpassing $3,200 for the first time. Market data indicates this latest surge started after 1:00 UTC on August 5, when the price of bitcoin surged past $2,900. By about 3:12 UTC, the price breached the $3,000 mark.

Screenshot, bitcoin price 8-5-2017 at 4:20pm MST, Coindesk 
At the time of this writing, the BPI shows that markets hit a high of $3,360.87, and are now trading at an average of $3,266.81. The last time the price of bitcoin broke $3,000 was June 12, based on the BPI.The market push also boosted the collective market capitalization of bitcoin beyond the $50 billion mark for the first time. The BPI showed bitcoin’s market cap at around $54.13 billion at the time of this writing.

Screenshot, bitcoin trading volume, 8-5-2017, 4:19pm MST, Bitcoinity
Data from Bitcoinity reveals the jump in trade volume you would expect to accompany the swing in price, with market volumes rising alongside the value of bitcoin. The data shows a peak in trade volume at around 20:00 on August 4, with more volume overall from August 4 to August 5 than at any time during the week.

Although many predicted bitcoin would not fare well after the fork, these numbers seem to indicate otherwise. In fact, as Redditors have been discussing, Bitcoin is now worth more than $1 for each day it has existed. Senior Goldman Sachs technician Sheba Jafari's prediction about bitcoin starting a wave V — during which its value could reach almost $3,700 — is looking on point.Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

Share This Article