A lot about Bitcoin (and other leading digital currencies) seems different than “real” fiat currencies.
No cash or coin. No government issuer. Traded mainly by “retail” traders.
Well add to that list weekend trading interest.
For the third weekend in a row, Bitcoin price volatility and trading volumes have peaked during the weekend, at a time when virtually no trading occurs in even major currency pairs and virtually any other financial instrument.
Following last weekend’s 10% Bitcoin bull run, and the previous weekend’s 34% Bitcoin correction, this weekend did not disappoint. Entering Saturday at about $2,800, Bitcoin traded up in spurts throughout most of the past 48 hours, nearing the seemingly magical $3,000 price on Sunday – which was actually reached according to some Bitcoin exchange data.
Bitcoincharts.com, citing Bitstamp data, is reporting a $2,960 all-time high set today. As at the time of writing (20:30 BST), Bitcoin was changing hands at about $2,942.
Looking back just a few months, one of the Saxo Bank Outrageous Predictions for 2017 – a Forex industry annual tradition – was a tripling in Bitcoin prices this year. Certainly an outrageous prediction at the time. Well, that prediction was for $2,000, about 3x the then-Bitcoin price of $700. Bitcoin has already cleared that level in less than half a year, and more, to the point where Saxo Bank analyst Kay Van-Petersen was cited recently touting a $100,000 (!!) price for Bitcoin in 10 years.
Bitcoin price past 5 days. Source: Bitcoincharts.com.
Bitcoin was bouncing around the $1,000 level for the better part of six months, when it began its latest upward climb in late March, nearly tripling in that period. Bitcoin is trading at more than double the $1,400 price it was changing hands at at the beginning of May.
The latest Bitcoin bull run, like several which preceded it, comes with no real news driving the move, as opposed to continued speculation and rising interest by online traders, especially in the Far East.