The price of Bitcoin is booming, with it just hitting $17K on all major Bitcoin exchanges, with the highest being $17,299.43 on Asian exchange LakeBTC. But is there still room for growth?
In 2017, Bitcoin peaked at just under $20K, and then had a massive correction. With that in mind, with BTC hitting $17K although it’s an ATH for this year, there is still lots of room for growth; additionally times have changed. The crypto landspace has changed a ton in the past three years, with institutional players like PayPal coming into the market driving the price up.
There has also been a lot of seen and unseen drivers recently, but also on a macro level with global political changes that are happening that have yet to be fully understood, that can push the case for cryptocurrency along to levels we have never seen before.
Which exchanges are leading the market at this time? If you take a look at the Bitcoin exchange market share chart, you can see that Binance is dominating the market, at 44% of the exchange volume. Huobi, HitBTC, and Coinbase all follow closely.
Altcoins are going up, but not yet pumping
Something to note is that alternative coins aka altcoins, still haven’t started their ascent. Ethereum is severely undervalued, currently at the time of this writing is priced at $469.96 on the coin market cap. In 2017, ETH went up to $1400, so the room for growth is still tremendous, and we could see ETH at $600-$800 in no time.
Other coins like Bitcoin Cash which just went through a successful fork upgrade, and Litecoin, are pushing through along with this bull run. Then if you look into the DeFi market, Chainlink (LINK) is up, along with others. Suffice to say, the market is all pushing upwards and if we can push through the 2017 support lines where people who have held since then in combination with new investors and participants, we can be looking at over $20K before the year ends.