Bitcoin pessimists, you’ve been proven wrong once again! As CoinDesk Bitcoin Price Index (BPI) tells us, the price of bitcoin has gotten up yet again, this time managing to pass the point of $3,200 for the first time since the existence of the cryptocurrency.
The data of the market shows that the rise started after 1:00 UTC on August 5, when the price of Bitcoin went past $2,900. And by about 3:12 UTC, the price managed to breach the $3,000 mark.
The BPI says that the high of $3,360.87 has been hit by the time of writing this article, and the average trade is now at $3,266.81. According to BPI, the last time bitcoin went over the price of $3,000 was on June 12.
This market push also made the entire market capitalization of Bitcoin surpass the $50 billion mark for the first time, too. As we managed to see from BPI, the market cap of Bitcoin is around $54.13 billion at the time of this writing.
What we managed to find out from the data from Bitcoinity is that this jump in trade volume is expected to go alongside the swing in price, where market volumes rise as the value of Bitcoin rises itself. The data collected shows that the peak in trade volume happened at around 20:00 on August 4, with more volume overall from August 4 to August 5 than at any time during the week.
No matter what many people predicted would happen to Bitcoin after the fork, the numbers are here to prove them wrong. As Reddit users 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.