After a massive run up and correction, Bitcoin is rebounding

Bitcoin reached yet another all time high yesterday, with some exchanges reporting prices as high as $3000 USD at the peak.

Yesterday was a huge day for crypto, specifically Bitcoin. Yesterday late morning we tweeted that on the Bitcoin exchange CEX.IO it achieved the momentous high price of $3000. Other exchanges followed closely behind, with OKCoin peaking at $2891, GDAX $2788, Gemini $2774, Bitstamp $2730 , and Bitfinex $2630.

And then it happened. The correction.

The price shortly after took a quick downturn pulling back a few hundred dollars. When it was said and done the price went from $3000 down to $2400; using CEX.IO prices. Other exchanges also dropped down in the same range, as pictured below. The total drop was $600.

However, it seems that Bitcoin is showing it’s resiliency and value, as the price has recovered and is rebounding nicely. As of this writing, the price is back up to just under $2500. If the bottom is in the $2400-$2500 range, then that is a massive win for Bitcoin, which at the start of May was $1369, a +$1000 increase. Considering that Bitcoin has a limited supply like Gold and is considered scarce, it’s not a surprise to see the price continue to rise over time.

Breaking records

Bitcoin is breaking records left and right with this price rally. Not only is it reaching new price and market cap highs, the trading volume across exchanges has topped $529 million in a single twenty-four hour period, which is a new record.

It’s hard to say the precise reason for the rally, other than previous stated speculated points such as Japan recognizing Bitcoin as official currency or other possible reasons.

Where will the top end up being for this rally? It’s impossible to know, but Bitcoin oracle and entrepreneur Vinny Lingham told us the top may end up being ~$3800 after this rebound with another price correction afterward.

If you’re new to Bitcoin, make sure to read up on our Bitcoin FAQ which answers some common questions. You can keep track of real-time market stats including exchange trading volume and other Bitcoin statistics on CoinSalad.com.