The cryptocurrency top ten are in the green! Well, eight of them are at least. According to CoinMarketCap, the total cryptocurrency market cap today is $182,807,737,820. As usual, when Bitcoin price is in the green, the rest of the market tends to be too. At the time of writing, Bitcoin is showing gains of a respectable 1.13%—a continued increase from a bull run now lasting over a week. Further down the chart, EOS is running away with a 6.84% increase. What has Bitcoin in the green as of late? The entire market is bullish so let’s check out why this is.
At the time of writing, Bitcoin price is $5,285.08 USD, up 1.29% at the time of writing. Bitcoin has been on a bull run since April 2nd and not only has maintained the high but has continued to steadily increase.Over the course of a few hours on April 2nd, Bitcoin jumped from approximately $4,110 to $4,800. Now it has hit a current high of over $5,285. The rally has extended throughout the market with other coins also showing massive growth. For example, Litecoin gained over 50% and Bitcoin Cash roughly 80% in the same period.
Bitcoin Price: Why the Jump?
Two theories have emerged as to what caused Bitcoin to suddenly jump. The first is that $100 million worth of BTC was bought across exchanges Coinbase, Kraken, and Bitstamp by one person. A sudden pump of money into the market spurred on further bullish sentiment, and the gains have continued. >> How Cryptocurrency Traders Benefit from Blockchain Technology Another theory is that because Bitcoin mining rewards will “half” in May of 2020,
Interest to buy BTC has sparked. The idea is to accumulate it now for the future when Bitcoin will be harder to mine and therefore become more scarce. As with any product, when it becomes more scarce, it becomes even more valuable. When mining rewards do halve in 2020, Bitcoin price can be expected to jump.
So far in Bitcoin’s history ‘Halving’ has occurred twice–once in 2012 and once in 2016. What do you think? Do you have you a theory for the recent bull run? Featured Image: DepositImages © AntonMatyukha