The crypto market is seeing a significant growth today, on April 12, 2018, as Bitcoin has gained over $1,000 in just 45 minutes this morning, breaking $8,000 for the first time since March. This rapid move means a 13 percent gain for Bitcoin’s price in comparison to its rate of $6,939 earlier these days.
Being traded at the rate of $6,766 at 07:00 GMT this morning, BTC jumped up to $7,000 mark at 11:00 GMT, signalizing the green light for short trades and attracting technical buyers to join in. During the next 45 minutes, the price reached the mark of $8,000 – an unexpectedly significant increase for so short period of time. At press time, Bitcoin is trading at $7,614, according to CoinMarketCap.
The beginning of 2018 turned out to be the worst quarter for Bitcoin, when its price had rapidly dropped after hitting its all-time-high of $20,000 right before Christmas. But, even in times of Bitcoin’s highest volatility, some analysts predicted the cryptocurrency’s stabilization in price due to Wall Street crypto investment.
As financial analyst Matt Greenspan noted just a few hours before the recent Bitcoin’s rise:
“Definitely Wall Street is getting involved and they are building the bridges as we speak, whether they are going to go full on bull or full on bear, we don’t know. But the important thing is that they’re ready to take on and to inject new liquidity into this market which at least should even things out and stabilise the price.”
Greenspan also underlined that Bitcoin’s price depends on the “power of the crowd”, as it represents itself an international payment system, which is totally free from the control of central banks.
According to Nick Kirk, quantitative developer and data scientist at Cypher Capital:
“The ratio of short margin trades versus longs has been increasing recently. Buying volume ticked up today and a lot of these short trades got liquidated, helping fuel the rally. So, it really relies on the power of the crowd and the power of its users.”
Another top-cryptocurrency, Ethereum, has also demonstrated a significant rise. Being traded at around $400 for a month, it has recently gained more than 12 percent in a 24 hour period scaling up to $465.
Nine of the top-ten altcoins, including BTC and ETH, have joined the move, demonstrating over 10 percent rise in their prices. Cardano is currently traded at $0.18, which is 22 percent higher than its previous rate; IOTA has gained 14 percent in growth and is estimated at $1.18 now; and NEO is almost 13 percent higher, trading at the rate of $60.