Its far larger than the bitcoin boom of early April.
In a significant turnaround in the markets today, the price ofBitcoin (BTC)has surged by more than $1,000 in less than half an hour. Not only is it now well above the $10,000 threshold, but it is also one of the sharpest recoveries in the past year.
The Bitcoin price had been on a gradual slide throughout the start of Thursday, in the aftermath of yesterdays Congressional hearing. Just after the beginning of the American trading day, BTC fell to just under $9,400.
But as the graph below shows, within the space of 20-30 minutes, the Bitcoin price surged upwards by more than $1,000 taking the coin back to $10,400. In terms of market cap, thats more than $20bn: approximately 7% of the total value of the digital asset market.
Bitcoin was trading at just under $10,600 at the time of writing, giving it a total value of $188.9bn.
Analysis fromTheTIE an aggregator of tweet volume and the positivity/negativity of comments shows a significant increase of sentiment hours before the eventual surge and might mean preparation was well underway.
This sudden change in fortunes may have its origins in a number of coalescing factors. For example, major liquidation of short positions as reported byWhaleCalls easing off some of the downward pressure on Bitcoin, thereby causing the price to rise organically.
Combined with an unexpectedly bullish hearing from the Congressional hearing yesterday (andpositive comments from House Representativestoday), the market has experienced a sudden exponential surge upwards, triggering buy orders and pushing the price back to its pre-established range between $10,000 and $13,800.
Although these types of miracle moves are rare, they are not unheard of. It was such a movement back in early April theBitcoin boom which kicked off this entire rally. In that case, Bitcoin moved with a very tight range and a sudden buy order wiped out most of the downwards pressure and pushed BTC up by nearly $800 in ninety minutes or so.
That todays range has been $1,000 in thirty minutes might be a sign of a far bigger and more active market than it existed three and a half months ago. Whatever happens next, Bitcoin continues to catch investors with their pants down.
Authors at Crypto Briefing are invested in cryptocurrencies.The author of this post may be invested in digital assets mentioned here.
We are currently hiring for our news team.CLICK FOR DETAILS.
Are Decentralized Office Apps an Alternative to Microsoft and Google?
The decentralized applications (dApps) space tends to be dominated by two categories, DeFi and gaming. This is true if you look at the major…
China Bullish On Blockchain: Bitcoin Price Explodes In Happy Lucky Coincidence
The cryptocurrency market recovered dramatically today, as news from China sinks in that digital currencies are here to stay and Bitcoin soared by over…
EON Ditches Tezos Delegation Service: Baker Sifts Focus
The San Francisco-based staking platform EON is sticking a fork in Tezos… Sadly, this baker is done. The service, touting itself as the trusted…
After two years of development, Crypto Briefing has released SIMETRI Research!
Our deep, institutional-grade analysis, highest-rated token of the month, flash reports, and much more!
Send your news tips, press releases, and feature ideas to[emailprotected]
Crypto Moves Decisively Into Bear Market Territory
Anchorages Maker Voting System To Give Institutions Say On Stability Fees
P2P Exchange Paxful Hits 3m Wallets During 2019 Growth Spurt
Chainlink Price: Did One Incorrect Word Create The Billion Dollar Surge?
Approve Or Im Outta Here: Even Zuckerberg Is Sick Of US…
Long Orange Squeeze: Bitcoins Sudden Tumble A Result Of BitMEX Liquidations
Decreds Politeia: Lessons Learned From A Year Of Decentralized Governance
Celsius Network Now Supports Tether At 12% Interest
Could Trudeaus Victory in Canada Propel Crypto Adoption, New Zealand Style?
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.