Unexpectedly Maintains its 13% Gain, Remains Above $7,800 as #Market
Bitcoin, the most dominant #cryptocurrency
in the global market, recorded a 15.94 percent increase in value, from $6,900 to $8,000. The #price
of the cryptocurrency rose by $1,100 within a 30-minute window, as massive buy volumes emerged.
Some reports suggested that bitcoin had processed the most amount of trades within a one-hour period on April 12 than any other day in its 10-year history. While this data is difficult to #confirm
given that the trading volume of all cryptocurrency #exchanges
in the global market would have to be #analyzed
, bitcoin has rarely seen a sudden 16 percent increase in its price, primarily because of its large market valuation and high daily trading volume.
To influence the price of bitcoin, which has a daily trading volume of above $9 billion, billions of dollars would have to be traded. More importantly, billions of dollars worth of new capital have to flow into the cryptocurrency market in order for the price of bitcoin to spike up, and bring the entire market with it.
The April 12 surge in the price of bitcoin was not caused by investors cashing out from alternative cryptocurrencies (altcoins) to bitcoin or reallocating their funds from other major #cryptocurrencies
to bitcoin, because the valuation of the cryptocurrency market increased by more than $20 billion.
A wave of new investors or potentially a few institutional investors likely allocated billions of dollars into the market in a short period of time, causing a short-term pump and leading the price of the cryptocurrency to surge.
It is virtually impossible to pinpoint a single factor to justify the price trend of any cryptocurrency, because a variety of factors can contribute to the momentum of a cryptocurrency. In this case, the question of whether the price of bitcoin increased due to the entrance of institutional investors or retail traders is of less importance. #bitcoininfo #bitcoinnews #bitcoinasia #mining #altcoin
#bitcoinzay #cryptonita #bitcoinid #bitcoinsacceptedhere #cryptonx #cryptomeria #bitcoinstyle #cryptobank #bitcoinexchange #bitcointech