The market surprised many of us by a significant jump in BTC price. For about a month the price was quite stable and did not deviate far from $4,000 mark. But in the last 24 hrs, the price grew by almost $500.
And yesterday was no less surprising. The price went up by about $700.
BTC is currently trading at $5,290 on Coinbase. This price was last seen in November.
Many altcoins haven`t caught up with BTC yet so the market became much more red now. But hopefully they will follow BTC very soon.
While swings on crypto market is not something unusual, such drastic change after a long period of stability caused lots of discussions among crypto community. People keep tweeting their ideas on why it happened and what will happen next. Many believe that it is a beginning of a new bull rally.
But cryptoexperts are not sure what caused such spike. The price grows whenever there are lots of buy orders. But they cannot explain what raised such interest in BTC among people. We have previously mentioned that Google Trends showed the increase in searches about BTC, too.
At the same time, BTC along with other cryptocurrencies is getting more and more recognized. Some online retailers and stocks added BTC as payment method and trading asset respectively. This is great news as it will cause more demand which in turn will drive the price up.
The next few weeks promise to be interesting as they will show how the rest of the market reacts to the changes and how much power the bulls have in store.