BTC price rushes towards $10,000 for the first time since September after the massive gains of 6 percent on the day as of press time as we are reading further in the Bitcoin news now.
Currently standing at $9,412 and has seen an amazing 24 hours, lingering between the $7,000 and $9,000 range since October 23. Only nine hours ago, we saw a sudden BTC surge to $8,500 and it consolidated at the point when the cryptocurrency started another impressive rise. According to one commentator, this was Bitcoin’s 4th largest gain in history and the largest one since 2011. This sudden bull run has left many speculating and some attribute it to the Chinese President Xi Jinping embracing blockchain technology yesterday.
Some other crypto analysts may attribute it to the rise of Bakkt since the platform saw an all-time high of 1,179 Bakkt Bitcoin futures contracts traded. The volatility in the crypto market has been constantly been talked about and this week it proved once again with significant price actions. The price dropped several days ago to its lowest levels since May 2019 and just in less than 24 hours, Bitcoin saw an increase of more than 40 percent.
Just a week ago, BTC Price appeared to be very slow with only a few moves in each direction and it was trading for more than a month around the $8,000 region. Now, the BTC price rushes towards the $10,200 price range before the suffered plunge from $8,300 to $7,300 in hours where it found a secure support area trading there for the last few days. Yesterday, bitcoin started its increase after it climbed more than $1,000 in just one hour and the price soar continued throughout the night.
This is a roughly 42 percent price increase from the bottom. The overall picture as it can be seen is greenish but some might notice that the green of Bitcoin is a lot greener than the other altcoins. If the cryptocurrency makes a move, the others follow along in the same direction but lose value against it. How will the altcoins behave in the upcoming period we are about to find out this week.
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