Bitcoin Touches a Milestone Price of $9K Across Global Exchanges

Bitcoin Crosses the $9K Region

Milestone After Milestone, Bitcoin Just Won’t Quit
The cryptocurrency’s market price isn’t the only milestone of bitcoin’s ninth year of life. The currency is being used more than ever before – as there are roughly 250,000-375,000 transactions confirmed on the network every single day. Further, well over three-quarters of the cryptocurrency has been mined so far leaving just 4.3M bitcoin’s left to mine. Bitcoin mining is more profitable than ever – with 24 pools splitting the current hashrate. Right now, the biggest mining pools in the industry as far as hashrate is concerned include Antpool, Viabtc, BTC.com, Slush, and BTC.top. Hashrate itself is massive, as miners at press time are processing over 10 exahash per second, and on October 24 the hashrate surpassed 12.5 exahash. In contrast to the positive news regarding bitcoin during 2017, the network has experienced congestion and significantly higher fees this year as well.
Technical Indicators
Looking at the charts since our last markets update, we can see some massive resistance up to $9300. During our previous analysis, the two 100 & 200 Simple Moving Averages (SMA) were parting ways after crossing paths earlier this week. Now the short term SMA is well above the long-term trend line indicating bulls may break key resistance quite easily. There is a bit of sell off with consolidation trying to form, as both the RSI and Stochastic show oversold conditions. Bitcoin’s price could see a correction in the near future, but it depends on the when buyers run out of steam. If a drop takes place, order books and some Fibonacci retracements indicate some possible $8,500-8,800 scenarios short-term. For now, bitcoin is trying to hold steady above $9K to keep the momentum going.
Global Interest
Bitcoin has had a fashionable year all around, as mainstream media and the masses are taking notice of the currency’s benefits. Every single top publication and television news channel worldwide has mentioned bitcoin this year, and most of them are talking about it optimistically – with mainstream media highlighting the decentralized currency in some form multiple times a week these days. Media pundits are all talking about bitcoin mining, people using the currency, and, of course, the significant price rise.
Are We Nearing the Moon or Are We Not Even Close?
Bitcoin has become a serious contender in the world as far as money is concerned. Reaching $9K per BTC is just one feat this technology has seen this year, and enthusiasts are celebrating it all. As bitcoin slowly creeps towards $10,000 per BTC, people are starting to question where the moon really will be? $10K, $50K, $100K or maybe a million? The kids keep asking where that confounded moon will be? Where do you see the price of bitcoin heading from here? Let us know in the comments below. Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section. The post Bitcoin Touches a Milestone Price of $9K Across Global Exchanges appeared first on Bitcoin News.
$9K 12.5 Exahash 4.3 Million Bitcoin Price BTC Cryptocurrencies Failing Economies Global Adoption Hashrate inflation Mainstream media Market Price Markets Markets and Prices N-Markets and Prices