Why the Bitcoin price and altcoin are surging?

Why the Bitcoin price and altcoin are surging
  • Bitcoin price sets the year to date $14,000 record high
  • Bitcoin price hike led to other cryptocurrencies pricing boosts
  • Analysts expect intense bullish or bearish trends

Bitcoin (BTC) expected to close October 2020 securing over 25 percent gains, has witnessed yet another gush in the past 24 hours adding a 5 percent surge to the current mark. The currency king has successfully moved over the $14,000 Bitcoin price for the first time since January 2018.

A boost of 3 percent to 5 percent has been witnessed in the prices of notable cryptocurrencies owing to the Bitcoin surge. Ethereum, XRP (Ripple), Chainlink, and Litecoin have all benefited from the BTC record high.

The BTC uplift in Ethereum, Ripple’s XRP, Chainlink, and Litecoin has magnified the worth of world cryptocurrency to more than $400 billion. As per CoinMarketCap, this trend was last witnessed in April 2018.

Why Bitcoin price and altcoins are surging?

Hitting a record high of $14000, the Bitcoin price dropped on Bitstamp to settle at $13,900 in the past 24 hours. A number of massive Bitcoin whale transactions worth $100 million have been recently reported that led to the successful change in BTC charts. The news follows up with the conclusion of $750 million worth of BTC contracts.

Predicting volatile BTC trends, BTC and crypto traders brace themselves for the unexpected. Expiring of highly worth BTC contracts and traders gambling on the future BTC price margins can intensify bullish or bearish trends.

Meanwhile, Twitter Bot designed by “whales” to spot large crypto transactions has highlighted the removal of $100 million worth of bitcoins through Coinbase in San Francisco and Bitstamp in Luxembourg via three individual transactions.

Bitcoin has witnessed a series of bullish news as well as a rising trend among investors that believe BTC to shield against inflation tides in the near future.

Andrew Ballinger, an associate of Wave Financial, explained Bitcoin’s relatability with equities throughout the pandemic. He further added that the uncertainties of the current economy and its recovery had pushed investors to look into digital currencies’ strength and workability.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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