The most famous cryptocurrency manages to break more barriers than one this week as chart-topping prices continue to roll stronger. The digital currency managed to speed pass through the $10,000 easily this week as massive support from the growing user base figures continuously helps to boost the prices higher and higher each day.
Despite Bitcoin’s amazing growth, the digital currency managed to stumble down the $9,000 mark after a massive selloff from the community happened due to the rising prices. The trading session remained extremely volatile until earlier today.
All-in-all, the Bitcoin’s price remains overwhelming with impressive growth this week; the digital currency managed to increase a total of $3,000 this week alone, but it also managed to drastically dip by a massive 18% just hours after hitting the $11,000 milestone.
Looking at the Bitcoin’s index, the cryptocurrency was seen trading at $11,388.33 on Coindesk; statistics showed that the overall trading volume over the last 24 hours skyrocketed to a massive $9.75 billion compared to the impressive trading volume from Ethereum which was tallied to be at $2.26 billion according to Coinmarketcap.
The Bitcoin’s price saw a massive $1,000 dip a solid ten minutes after breaking past the $11,000 range. Reports showed massive piling lists of sell orders were observed after the monumental run the cryptocurrency had, this then resulted in a massive recession on Bitcoin’s price.
Leigh Drogen, a former trader, mentioned that "This isn't going to end. There's not enough liquidity from the market making to handle big-size [trading] when stuff gets loose like this. It's not going to end," and "This is one of the most difficult markets to trade because of the volatility. Everything is sped up by 10 times."
Analysts and coin enthusiast are suggesting that eh bullish run will continue considering that the coin’s current market capitalization is less than $200 billion; they are also predicting that prices will continue to increase as the market cap creeps closer to the fraction of $200 trillion, the traditional financial market assets.
Meanwhile, former Fortress hedge fund manager Michael Novogratz recently predicted that the Bitcoin could easily hit the $40,000 mark at the end of 2018; but He also mentioned that the whole cryptocurrency market, including Bitcoin, is “going to be the biggest bubble of our lifetimes."