Bitcoin Surpasses Milestone Price of $3000 Across Global Exchanges

Bitcoin has finally surpassed the US$3000 per BTC average across global exchanges. In fact, it didn’t stop there and touched an all-time high of $3230 during the start of August 5. The decentralized cryptocurrency now commands a hefty $51.9 billion market cap while trading platforms are currently seeing intense exchange volumes at $1.6 billion USD/BTC trades over the past 24-hours.

Also read: Considering Bitcoin An Asset Could Set Back Adoption in Israel

Bitcoin is Trending Worldwide

On August 5 bitcoin surpassed the $3000 USD per BTC threshold on the trading platform Bitstamp. Smashing the $3000 vantage point was not enough for bitcoin as BTC prices touched an all-time high of $3230. At press time one BTC is roughly $3150 as traders take some profits from the overnight high. Some speculate that the price spike may be due to BIP141 voting period ending and the possibility of activating the protocol Segregated Witness (Segwit). Currently, a vast quantity of the network’s hashrate is directing its efforts towards this plan as the first half of the “New York Agreement” otherwise known as Segwit2x. At the moment, there are 621 blocks left until Segwit goes live on the Bitcoin network. The second half of the agreement entails activating a 2MB hard fork on the network roughly ~3 months after the activation.

It’s also worth noting that the price has rallied during the latest announcement from global law enforcement detailing the takedown of the two biggest darknet markets Hansa, and Alphabay. Alongside this, the BTC-e exchange was also seized and the price didn’t nudge at all. It seems bitcoin markets have been resilient enough to bounce back after the Bitfinex hack last year, the recent ETF decision, and now the latest two darknet market takedowns also did nothing to the price.

Bitcoin Surpasses Milestone Price of $3000 Across Global Exchanges

In addition to this, the price spiked in the midst of a hard fork. The developers of the client Bitcoin ABC and others have veered off to form its own network. This, in turn, produced a new token called ‘Bitcoin Cash’ (BCH) which has an 8MB block size limit, and also removes Segregated Witness. Even though the blockchain split occurred on August 1 and the two bitcoin communities went separate ways, the price of BTC has remained extremely bullish. As bitcoin touched a high of $3230 across global exchanges BCH tokens have hit a low of $200-250 depending on the exchange.

The digital asset bitcoin has come a long way since the first issuance of bitcoins were released into the wild on January 3rd, 2009. Now there are 16.4 million BTC in circulation, and the cryptocurrency is more popular than ever. As far as the Google Trends site is concerned interest in bitcoin has grown exponentially higher than its jump in growth during 2013. Google Trends also shows a significant amount of interest is stemming from the eastern side of the world, most notably in Asia, and many countries located within the continent of Africa.

Record Trade Volumes
Furthermore, Localbitcoins volumes across the globe are also at all-time highs right now as people are trading over $20-30 million worth of bitcoins every two weeks. Alongside Localbitcoins and traditional exchange volumes reaching new highs, both Paxful and the decentralized trading platform Bitsquare are also seeing record trade volumes. Moreover, countries such as China, Japan, India, and Korea are dominating bitcoin trade volumes as cryptocurrencies have been high demand in those regions.

Source = https://news.bitcoin.com/bitcoin-surpasses-milestone-price-of-3000-across-global-exchanges/

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