The price of bitcoin has finally surpassed the $5K territory after a few teases this past spring and summer. During the earlier hours of October 12, bitcoin’s market value spiked past the $5,000 range and has reached an all-time high of $5846 per BTC across popular global exchanges. Bitcoin’s pathway to $6K is within sight.
The price of bitcoin (BTC/XBT) has touched a high of $5,846 as it has continued to climb in value relentlessly all day. Presently, bitcoin trade volume is strong with $3.4B in daily trade volume and hasn’t let up since the bull run started. A few hours after the quick jump to around $5,200-5,300 today there was a small amount of profit-taking and sell off, but it didn’t last long. Bitcoin’s price soared between 10-11 pm EDT as buyers hammered away at bids to the $5,800 zone. The high was followed by a significant drop back down to the $5,550-5,600 territory, at press time the market value seems to be consolidating in this region.
The Japanese Yen is still leading the global trade volume race, capturing 57 percent of bitcoin’s fiat exchange volume at the time of writing. The USD and South Korean Won follow the lead, as Europe and China trail a just a touch behind the top three countries in trade volume. Right now the top five exchanges processing the most bitcoin volume include Bitfinex, Bithumb, Bitflyer, Bitstamp, and GDAX. As the price lifted both cryptocurrency exchanges and the bitcoin network itself was quite busy. Network congestion has increased a bit, and there is currently 30-50K unconfirmed transactions waiting in the mempool.