Bitcoin is on a tear, reaching a new all time high. As of this writing, the price of Bitcoin globally is $1405.04 USD.
Previous highs were $1300 and up, but this is the first time in history Bitcoin has pushed above $1400. You can see in the global Bitcoin price chart below that the price has reached a new record.
The market is very bullish right now, although there could be a correction coming. To what high it will reach prior to that is unknown. Previously we wrote just last week that the price gains may be due in part to a renewed interest in the market after learning the SEC will be reviewing the Winklevoss ETF again.
This plus other factors have the market pushing the price much higher. Bitcoin exchanges such as Gemini (which is also managed by the Winklevoss twins) is seeing record trading volume.
Bitcoin is now also trading over $100 of the price of Gold, which is the second time in the past month and a half that the price of Bitcoin has surpassed Gold prices.
Other exchanges seeing high trading volume beside Gemini are GDAX and Bitfinex. You can see in the two charts below their volumes.
GDAX (the Coinbase exchange) volume is skyrocketing, currently handling 15K BTC in bitcoin trades (buys and sells). You can see the chart below by selecting only GDAX on the 7 day chart.
Bitfinex volume is also rising very fast, currently handling 16K BTC in bitcoin trades. You can see the chart below by selecting only Bitfinex on the 7 day chart.
Part of the price increase may be due to the sheer excitement of the market, which people often refer to as “FOMO,” which is the Fear Of Missing Out.
FOMO often brings in new customers to the market who hear about the price spike and want to buy. It also brings in traders who want to speculate on the price.