Bitcoin (BTC) surges more than $1000 in a few minutes right after the President of the People’s Republic Of China Xi Jinping expressed his support of blockchain technology. Now we are about to read more in the Bitcoin price news below.
Just as the entire market was starting to feel a little more bearish, Bitcoin (BTC) surges in the exact opposite direction of what most of the people seemed to expect. The cryptocurrency skyrocketed and gained more than $1000 in just a few minutes so the entire market naturally followed.
The last few days were very hard for the Bitcoin’s price as the cryptocurrency lost a lot of the value in just a few sudden drops downwards. However, it made up fairly quickly for the losses today. Bitcoin surged more than $1000 in less than an hour charting a massive green candle. As can be seen all over the charts, Bitcoin was trading at around $7,400 earlier and it marked a massive spike to about $8,400. The market capitalization is close to $150 billion. The dominance of the number one cryptocurrency didn’t increase as much and it is standing at about 67 percent.
As it usually happens, the entire crypto market felt the spike in the price of the number one cryptocurrency. we can also see a green wave across the entire market. some of the most notable gainers from the top crypto projects include ETH which is up by more than 10 percent, Litecoin which managed to gain about 11 percent and EOS that gained more than 13 percent in the last spike. Another crypto that gained a lot was Binance Coin that increased by 11 percent in the past hour as well.
While the exact reason for the dramatic spike in price is still unknown, it is most definitely certain that Bitcoin did the opposite of what most of the people expected. The cryptocurrency shattered a few very important resistant levels along the way without having to hesitate as much. However, it will be very interesting to see how and where the price will consolidate or will it continue to increase even further as some of the crypto analysts expect.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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