Major cryptos surge after bitcoin suddenly rises from the dead

Bitcoin Perfect Storm Brewing For Bitcoin Macro Factors Setting Stage For Crypto Rally Nick Chong

By mid-afternoon, it had settled around $4,800, still up 16 percent in its biggest one-day gain since April previous year.

Furthermore, the price of altcoins is strongly correlated to that of Bitcoins, which surge when the latter does. But past year prices collapsed by three-quarters, with trading dominated by smaller hedge funds and crypto-related firms.

"If you look at the volumes on each of those three exchanges - there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour".

Still, all analysts could not indicate any exact developments that could clarify the anonymous and sizeable buyer's big order.

Outsized price moves of the kind rarely seen in conventional markets are common in cryptocurrency markets, where liquidity is thin and prices opaque.

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According to Charlie Hayter, who founded the cryptocurrency website CrytoCompare, an estimated six million trades took place an hour when the currency surged.

Bitcoin $100 million worth buy order spread across three exchanges likely to have catalyzed yesterday's surge. And this was the highest single-day gain for Bitcoin since the month of April, 2018. Many altcoins including Litecoin (LTC), Cardano (ADA), EOS (EOS) and NEM posted double-digit gains pushing Bitcoin dominance back to around 50.7 percent of the entire cryptocurrency market.

Traders haven't been able to point to a specific reason for the uptrend that has affected not only Bitcoin, but also the broader cryptocurrency market.

Yesterday's bitcoin jump to the dollar and today's continuation of attempts to consolidate above the $ 5,000 mark that BTC broke through today at 6:00 am Moscow time, analysts already called the "end of cryptozymes".

Yesterday, the long-awaited cryptocurrency market recovery began with an epic bitcoin surge and an overall bull run in the cryptocurrency market. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. In 2018, fears of regulatory clampdowns and declining interest from retail investors saw bitcoin slump by about three-quarters. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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