On December 7th, the holidays came early for Bitcoiners as the bitcoin price exploded past $19,200 USD on South Korean exchange Bithumb and Coinbase’s trading exchange GDAX just before 10:30a.m. EST.
The astonishing rally was short-lived, however — as users flooded online to take profits, major exchanges like Coinbase and GDAX crashed and were only brought back online several hours later.
Accordingly, those that could sell did; and as everyone got the same idea at once, the bitcoin price quickly slid down and bounced around the $16,000 price point for the next several hours.
Before the incredible price surge, Bitcoin holders already had reason to rejoice, as many users had woken up to bitcoin reaching what was already an all-time price high of $17,000.
The supermajority of the volume that contributed to that monumental rally came from five of the world’s most dominant cryptocurrency exchanges: bitFlyer (Japan), GDAX (USA), Bithumb (S. Korea), BitMEX (Mexico), and Bitfinex (?).
To that end, at the peak of the episode Bitcoin reached its highest market capitalization yet, eclipsing a market share of $274 billion. Now, then, the number one cryptocurrency is only one-fourth of the way to an increasingly realistic $1 trillion market cap.
Talk of corrections and retracements bubble up every time bitcoin hits a new price milestone. Per acclaimed technical analyst Ramiro Burgos, though,the current price movement is still “strong enough” of a trend to settle in a sideways price pattern.
Yet even if BTC were to tumble down further, Burgos has $10k as the support line.
And $10,000 is completely respectable, seeing as how that’s where the bitcoin price was just one week ago. Speculative bubbles don’t stop midway through popping, after all.
TLDR: Buyers flooded onto the world’s top crypto exchanges in droves and the BTC price briefly surged past $19,000 USD accordingly.