Most people will have noticed the Bitcoin price is gaining momentum once again. Although it is never easy to tell where this sudden interest comes from, it is an exciting development. With the Bitcoin value surpassing US$600, it looks like investors and speculators are preparing for another price increase.
It has to be said; Bitcoin seemed poised for another price increase sooner or later. While it is always good to see things play out, the question remains why this rise is happening. There has been no significant news to spike the price all of a sudden. One of Asia’s top 50 restaurants accepting Bitcoin may have something to do with it, though.
Bitcoin Price Is On The Move Again
Speaking of Asia, the majority of Bitcoin trading volume comes from China. There have been a few spikes in volume over the past few days. The volume surpassed 1.5 million BTC on September 8th and September 11th. A significant price bump was noticeable on the charts on these dates.
Bitcoin’s trading volume is doing quite well across all major markets. The US Dollar volume is well above US$30m in the past 24 hours. On top of that, over 4 million Euro changed hands as well. Despite these great numbers, China still represents 96.57% of all volume over the past 24 hours.
For now, it is anybody’s guess as to what is driving the Bitcoin price. The limited supply of cryptocurrency has always been referred to as a price booster. However, that may or may not have been a factor during this rise. The fake news about ABN Amro’s Bitcoin wallet could have done more harm than good, but so far, there is no impact.
What is more important is whether or not the Bitcoin price will continue to rise. So far, it looks like this value will hold, and perhaps even go higher. One would have to look at a technical analysis for more detailed information, though. There is always a good time to invest in Bitcoin as long as people keep the long-term game plan in mind.
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