Home Bitcoin News Bitcoin Exploded, Crypto Market Followed (UPDATED 2) – Cryptonews

Bitcoin Exploded, Crypto Market Followed (UPDATED 2) – Cryptonews

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Source: iStock/3DSculptor

On Tuesday morning, Bitcoin price suddenly jumped by 16% in an hour (05:29 UTC), reaching USD 4,882 per coin, or the level last seen in November 2018, before trimming its gains to USD 4,722 (07:00 UTC.) (Updated with a comment about the Asian crypto scene, and a video with comments by Mati Greenspan has been added. Updated parts of this article are marked as ‘NEW’.)

Other top coins also registered strong hourly gains of 3.2% – 11.45% and have retracted later.

Moreover, bitcoin surpassed its 200 daily moving average, which is considered to be a very important metric in technical analysis.

At the time of writing, bitcoin is up by more than 13% in the past 24 hours, increasing its weekly gains to almost 20%.

BTC price chart:
(07:00 UTC)

Bitcoin Exploded, Crypto Market Followed (UPDATED 2) 102
Source: coinpaprika.com

Bitcoin just posted two-consecutive months of gains, having increased by more than 10% in the first quarter this year.

As reported, the Bitcoin bottom has already occurred, as there aren’t additional sellers coming, according to New York-based research and consulting boutique specializing in the digital asset market Delphi Digital.

Meanwhile, more signs have recently emerged showing that the altcoin season is also here.
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Top 10 coins by market capitalization:
(07:00 UTC)

Bitcoin Exploded, Crypto Market Followed (UPDATED 2) 103
Source: coinpaprika.com

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Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital, told Bloomberg that the crypto market is still very much subject to waves of enthusiasm.

“I don’t think today is anything special other than a temporary enthusiasm,” he added.

Meanwhile, Mati Greenspan, senior analyst at social trading platform eToro, suggested in a tweet that “judging by the timing, it looks like the pump originated in Japan or South Korea.” While his followers are also pointing at China, the Middle East and India.

NEW (10:35 UTC): “The economy is slowing down fast in South Korea and Japan, and the stock market is stagnant, so people are prepared to give crypto a second chance,” according to our correspondent in South Korea Tim Alper. Also, the fact that South Korean and Japanese giants such as Samsung, Hyundai, Kakao, Rakuten, SBI and many Japanese banks are starting to invest a lot of money into their crypto operations, is creating optimism among buyers and investors, he added.

Meanwhile, some traders are pointing at short sellers today:

However, Greenspan stressed that “it doesn’t seem like too many people are selling the pop.”

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NEW (10:35 UTC): Mati Greenspan discusses the spike:

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In either case, while the cryptoverse is struggling to explain the unexpected strong rally, some crypto users are complaining that major crypto exchange Binance “is unusable”.

Binance CEO Changpeng Zhao tweeted, later adding that he’s also “honestly clueless” what caused the rally:

However, Binance is not alone facing technical problems today:

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Bitcoin Exploded, Crypto Market Followed (UPDATED 2) 104

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