Bitcoin experiences the biggest 1 hr volume in BTC history
Yesterday, the bitcoin price registered a huge gain of $1,000 in just an hour. From $6,800, the prices got up to $7,800 for the first time in about two weeks. The crypto enthusiasts are surely elated, hoping that this might signal the bullish trend in the crypto market.
Not just bitcoin, other cryptocurrencies including Ethereum, Ripple, Dash, and Litecoin also gained in double digits. Coming onto what caused this rise, experts believe there are several factors driving this rally.
For quite a long time, bitcoin has been experiencing a cold weather. Bitcoin has always been volatile, since its inception in 2009, the crypto has gone through extensive up and downs. After hitting its all-time high at $20,000 in December, last year, bitcoin has been continuously sliding. Having said that, the sudden price rise of more than $1,000 in less than 24 hours has been unprecedented.
However, even after the rise bitcoin price is 60 percent lower from its peak and a good 44 percent lower than at the beginning of the year. The surge was driven by the biggest one-hour trade volume in the history of bitcoin. This points out the fact that the rise has been due to speculative positioning.
Experts believe the surge has been the result of institutional investors with huge funds in their pockets. According to a senior market analyst, Mati Greenspan, this is what has happened and will continue to happen.
Read more: https://coingape.com/reason-behind-bitcoin-price-surge/
Yesterday, the bitcoin price registered a huge gain of $1,000 in just an hour. From $6,800, the prices got up to $7,800 for the first time in about two weeks. The crypto enthusiasts are surely elated, hoping that this might signal the bullish trend in the crypto market.
Not just bitcoin, other cryptocurrencies including Ethereum, Ripple, Dash, and Litecoin also gained in double digits. Coming onto what caused this rise, experts believe there are several factors driving this rally.
For quite a long time, bitcoin has been experiencing a cold weather. Bitcoin has always been volatile, since its inception in 2009, the crypto has gone through extensive up and downs. After hitting its all-time high at $20,000 in December, last year, bitcoin has been continuously sliding. Having said that, the sudden price rise of more than $1,000 in less than 24 hours has been unprecedented.
However, even after the rise bitcoin price is 60 percent lower from its peak and a good 44 percent lower than at the beginning of the year. The surge was driven by the biggest one-hour trade volume in the history of bitcoin. This points out the fact that the rise has been due to speculative positioning.
Experts believe the surge has been the result of institutional investors with huge funds in their pockets. According to a senior market analyst, Mati Greenspan, this is what has happened and will continue to happen.
Read more: https://coingape.com/reason-behind-bitcoin-price-surge/
The expected bitcoin pump will start on April 18 and up but this is really unprecedented that the pump occurred yesterday. It may be eventually the work of an institution with a huge amount of money. He probably doesnt want to be late on the price increase since there is a possibility that somebody will move before him. In order to buy more bitcoins he did not hesitate to buy a huge volume so early this time.
