Bitcoin (BTC) hit $ 19,873 on Coinbase on November 30, surpassing $ 19,000 unexpectedly. While many in the cryptocurrency sector point out that Bitcoin has reached a full-time high, it has not yet happened.
At Coinbase, the Bitcoin price reached a high of $ 19,891 in December 2017. Coinbase’s high high price is especially important because it has consistently been the leading US stock exchange in recent years.
In addition, some major global exchanges such as Binance were launched in mid-2017. It can be argued that the exchange, which has existed since 2012, has more value in terms of historical price data, and Coinbase is still one of the most important exchanges used by private investors. Today.
The growth of bitcoins on stock exchanges is completely different
2017 has been a turbulent year for cryptocurrencies. When Bitcoin reached a full-time high, it experienced price fluctuations from 30% to 50% during the week when the cryptocurrency market showed a lack of liquidity.
Record highs currently hover around $ 300 between stock exchanges. For example, in Kraken and Bitstamp, the maximum price for BTC was $ 19,660 and $ 19,666, respectively. The Bitcoin price hit a record high today on both exchanges.
On Binance and Huobi, BTC reached $ 19,799 and $ 19,867, both of which were also reached on November 30.
At the time of writing, Bitcoin has not seen a new record in Bitfinex, Coinbase and Gemini, also known incidentally as a whale exchange due to its high liquidity.
In 2017, Coinbase was the leading stock exchange in terms of volume, and in the minds of many traders, if the price has exceeded its full time, there will be further confirmation that the beef market has officially begun.
For many traders, $ 20,000 is a barrier to overcome, as it will officially set a record high for the first digital asset.
Bitfinex was named the most liquid stock exchange during this robust growth by a trader known as Bitcoin Jack. Given that the record high for Gemini and Coinbase is close to Bitfinex, the $ 19,873 level is an accurate all-time high. He said:
“You have to be careful here, since liquidity for open interest rates has fallen on most stock exchanges. This means that until liquidity is replenished, the amount of liquidity compared to OI will be relatively low, given the less inclusive sequence of actions for both parties, as always, Finex is the king of liquidity. ”
What’s next for Bitcoin?
Network analysts, including CryptoQuant chief Ki Yong Joo, predicted that the whales would try to hit record highs and make big sales.
As Bitcoin is approaching the Coinbase level all the time, there was a sale that saw Bitcoin plunge to $ 18,998 in two hours.
Due to high volatility and the whale-based downturn, open interest in the futures market fell and order books were tight.
There are two short-term scenarios that Bitcoin may see after its first attempt to break from its full-time high.
First, the dynamics of the Asian markets may persist during the morning session, which in turn may spur consumer demand.
Second, Bitcoin could consolidate during its full-time high of $ 19,873, possibly between $ 19,000 and $ 19,873. This scenario is the most ideal for BTC to see a sustained rally, as it will prevent the derivatives market from overheating.