Bitcoin has recaptured the glory it obtained a few weeks ago as prices once again surged past the $6,000 threshold. The popular cryptocurrency has experienced a growth of over 5%, which has established a price of $6,345 at Bitcoinwisdom and $6,316.90 at Bitstamp. Currently, the price of Bitcoin is between $6,100 and $6,200. The surge in price is thought to have been triggered by the cryptocurrency breaking out of its immediate ascending triangle on the two hour chart.
The significant price increase coincided with the stochastic relative strength indicator (RSI), which recently surpassed the 20 thresholds on the daily charts. This has once again confirmed that the Bitcoin market is still stronger than ever, despite the loss of the considerable Chinese market, which previously accounted for 90% of the total Bitcoin market. Currently, the Bitcoin price is consolidated at 1.0 Fibonacci extension, as opposed to previous major rallies on the chart.
This event has caused the stochastic RSI to exceed the 80 thresholds for the first time since May earlier this year. During this time, the Bitcoin price reached above $1,300 and then quickly doubled in price, placing it in the $3,000 region. Currently, the total market capitalization of the cryptocurrency industry stands at $179 billion. The market capitalization has already grown 3% since the 21st of October. This is indicative of the new-found strength in the digital currency industry. However, the market dominance of Bitcoin has fallen 2% since the 21st of October and is currently standing at 57.3%.
The Japanese market has greatly contributed towards cementing Bitcoin as the main source of trading. Currently, the JPY/BTC trading accounts for 59% of the total trading volume, while USD/BTC trading accounts for 27%. Other prominent trading countries include the South Korean market, which accounts for 8.3% of the global volume. The Chinese trading volume currently stands at 1.35%, while the European trading volume is at 1.29%.
For the past few months, the Bitcoin price has enjoyed an overwhelmingly bullish growth trajectory, continuously reaching record-breaking prices in record speeds. However, it is likely that the price will experience a breakdown in the coming months.
Several traders have become wary since the chaotic Bitcoin Gold split, and even more, are preaching caution with the upcoming Segwit2x fork.
The significant price increase coincided with the stochastic relative strength indicator (RSI), which recently surpassed the 20 thresholds on the daily charts. This has once again confirmed that the Bitcoin market is still stronger than ever, despite the loss of the considerable Chinese market, which previously accounted for 90% of the total Bitcoin market. Currently, the Bitcoin price is consolidated at 1.0 Fibonacci extension, as opposed to previous major rallies on the chart.
This event has caused the stochastic RSI to exceed the 80 thresholds for the first time since May earlier this year. During this time, the Bitcoin price reached above $1,300 and then quickly doubled in price, placing it in the $3,000 region. Currently, the total market capitalization of the cryptocurrency industry stands at $179 billion. The market capitalization has already grown 3% since the 21st of October. This is indicative of the new-found strength in the digital currency industry. However, the market dominance of Bitcoin has fallen 2% since the 21st of October and is currently standing at 57.3%.
The Japanese market has greatly contributed towards cementing Bitcoin as the main source of trading. Currently, the JPY/BTC trading accounts for 59% of the total trading volume, while USD/BTC trading accounts for 27%. Other prominent trading countries include the South Korean market, which accounts for 8.3% of the global volume. The Chinese trading volume currently stands at 1.35%, while the European trading volume is at 1.29%.
For the past few months, the Bitcoin price has enjoyed an overwhelmingly bullish growth trajectory, continuously reaching record-breaking prices in record speeds. However, it is likely that the price will experience a breakdown in the coming months.
Several traders have become wary since the chaotic Bitcoin Gold split, and even more, are preaching caution with the upcoming Segwit2x fork.