Bitcoin Price Hike Results in $20 Billion Gain for Crypto Market
On Tuesday evening, Bitcoin’s enjoyed 10% increases in its price and as a result it made significant gains in volume.
Within just an hour period, prices for the major cryptocurrencies including Bitcoin, Bitcoin Cash, ether, Ripple and EOS jumped by 6 to 10 percent, leading to increases in the valuation of the cryptocurrency market from $272 billion to $292 billion. The increase was a marked $20 billion in just one hour.
An unexpected recovery occurred on the evening of July 17, driving the price of major cryptocurrencies to increase significantly. Bitcoin and EOS have been leading the pack of top cryptocurrencies. Both saw increases of almost 10 percent within a short period of time.
Recently, the crypto market has witnessed increased values as a result of several favorable factors. There were no reported doubtful developments in the major cryptocurrency markets of the US, Japan, and South Korea within the past two weeks. The recent bull run may also go to show the market’s development that has happened with regards to regulations, adoption, and general consumer demand.
The last time Bitcoin rose by a margin as large as the one recorded on July 17th was on April 9th, when the price of the currency rose from $6,900 to $8,000, within 30 minutes. Eventually, the increases from $6,900 to $8,000 resulted in the price for the cryptocurrency to test $10,000 mark.
Analysts believe that if the Bitcoin’s price is able to breach the $8,000 level, it may be possible to repeat what happened on April 9, and possibly reach the $10,000 limit.
However, analysts are suggesting that if Bitcoin hovers around $7,400 then it may try to surpass the 8,000 to $9,000 mark in the coming weeks.
