It has been a very interesting day for Bitcoin, to say the very least. A new all-time high was recorded just above $8,100 a few hours ago. As was to be expected, the Bitcoin price took an immediate tumble after reaching this value. Right now, the Bitcoin price hovers near the $8,000 mark, depending on which exchange one is looking at. This market has a lot of positive momentum right now, although it remains to be seen how things will play out.

Another Bitcoin Price Surge is Coming

Although the past few weeks have been somewhat volatile for the Bitcoin price, the overall uptrend is still firmly intact. No one can deny it was a matter of time until the Bitcoin price surpassed $8,000 again. Remaining around or above this mental barrier has proven to be very difficult for Bitcoin, though, but that is only to be expected. A lot of people are taking profits and shorting the Bitcoin price right now. Then again, the bullish momentum may continue to push the price up even further in the days to come.

It is always interesting to see the Bitcoin price respond to whatever is going on in the world of cryptocurrency. More specifically, we saw most currencies recover slightly after the recent Bitcoin price push toward $8,00 but it seems that momentum may turn in favor of the world’s leading cryptocurrency again over the next few hours. Altcoins don’t stand much of a chance as long as their value remains linked to Bitcoin, which is the case for most currencies in the top 10 right now.

How all of this will affect the top altcoins, remains to be seen. There is never a valid reason for altcoins to lose value in BTC just because the Bitcoin price is going up. People mainly dump alts to chase the Bitcoin price pump. If they would hold onto their altcoins, those would appreciate in value as well and result in nearly equal profits. It is only a matter of time until people learn this, though, as Bitcoin still isn’t a perfect cryptocurrency by any means.

With over $3.21bn worth of trading volume, Bitcoin is in a very good place right now. The demand for the world’s leading cryptocurrency isn’t diminishing by any means, as it seems more and more people are looking for a new hedge against financial volatility. In a lot of people’s minds, Bitcoin is the perfect tool to do so, although it is still a volatile asset. Then again, no one can argue with the Bitcoin price trend recorded throughout 2017 so far.

Bithumb still hasn’t succeeded in dethroning Bitfinex as the primary Bitcoin exchange ranked by volume. Nor will this happen anytime soon either, by the look of things. Bitfinex easily maintains almost twice the volume of Bithumb and has an even bigger lead over GDAX right now. Whether or not all of this is a good thing or a worrisome sign, remains to be determined. Most exchanges value Bitcoin above $8,000 right now, other than the Korean and Japanese exchanges.

It is safe to say the Bitcoin price momentum will carry over for some days or weeks to come. More specifically, we may very well see a five-digit Bitcoin price by the time Christmas comes around. Whether or not we will see a massive correction shortly afterward, remains to be seen. The Bitcoin price has seen volatile corrections so far, but none of them have had any lingering effects. An interesting sign of maturity – or massive manipulation – to keep an eye on.