Bitcoin’s price has risen to new highs across many exchanges but it has yet to break December 2017’s all-time high at Coinbase.
BTC price hit $ 19,873 on Coinbase yesterday (Nov. 30), breaking above $ 19,000 in an incredible rally. Although many in the crypto sector claim that Bitcoin has reached a new all-time high, that is yet to happen.
On Coinbase, Bitcoin peaked at $ 19,891 in December 2017. The all-time high on Coinbase is particularly important as it has consistently maintained as the top US exchange for several last year.
In terms of historical data, some of the top exchanges like Binance were launched in mid-2017. One argument can be made that an exchange that has been around since 2012 makes more sense, Coinbase exchange remains one of the primary exchanges used by retail investors.
Bitcoin’s all-time high varies between exchanges
2017 was a turbulent period for cryptocurrencies. By the time Bitcoin reached a new all-time high, it has seen price swings from 30% to 50% in a week due to the cryptocurrency exchange market showing a lack of liquidity.
Currently, the record high spreads close to $ 300 between exchanges. For example, on Kraken and Bitstamp, Bitcoin peaked at $ 19,660 and $ 19,666, respectively. Yesterday, Bitcoin price hit new all-time highs on both exchanges.
On Binance and Huobi, Bitcoin made highs at $ 19,799 and $ 19,867, both on November 30.
At the time of writing, Bitcoin has yet to hit new record highs on Bitfinex, Coinbase, and Gemini, which are also known as whale exchanges due to their high liquidity.
In 2017, Coinbase was the leading exchange in terms of trading volume and, in the mind of many traders, seeing prices break past all-time highs would provide further confirmation that the bull market was correct. wake up.
For many traders, $ 20,000 is a hurdle that needs to be broken as it will officially concretize a new all-time high for the top-ranked digital asset.
A trader known as ‘Bitcoin Jack’ has identified Bitfinex as the most liquid exchange in the ongoing rally. Hence, considering the record highs of Gemini and Coinbase near Bitfinex, the $ 19,873 level exactly makes up the all-time high. He say:
“Be careful when the liquidity on open contract (OI) has been affected on most exchanges. Meaning, until liquidity is added, the amount of liquidity relative to OI is relatively low, allowing for less restrained outflows for both sides. As always, Bitfinex is the king of liquidity”.
What’s next for Bitcoin price?
On-chain analysts, including CryptoQuant CEO Ki Young Ju, have predicted that whales will try to front-run the all-time high and apply substantial selling pressure.
As Bitcoin neared record highs on Coinbase, a sudden sell-off occurred, sending Bitcoin to as low as $ 18,998 within two hours.
After the high volatility and whale-induced sell-off, the futures market’s OI was hit and the exchange’s order books were thwarted.
There are two short-term scenarios that Bitcoin could see following its first attempt to break out of its all-time highs.
Firstly, momentum is likely to continue on Asian markets in today’s morning session and this could boost buyers’ demand again.
Second, Bitcoin can consolidate below an all-time high of $ 19,873, which can range from $ 19,000 to $ 19,873. This scenario is most ideal for Bitcoin to see a sustained rally, as it would prevent the derivative market from overheating.