Story by: Billy Bambrough
Bitcoin, which has soared over the last two days to top $5,000 for the first time this year, taking the market by surprise, and causing many bitcoin bulls to celebrate (perhaps prematurely) a return to the glory days of late 2017, where bitcoin and many other cryptocurrencies added thousands of dollars to their individual prices almost overnight.
The bitcoin price has risen by almost 30% since Sunday after steadily gaining throughout March and left many analysts and traders scratching their heads over the precise cause of the bitcoin price breakout.
If that reason isn’t based on strong fundamentals, it could mean the latest rally is short-lived, with some major coins, including ethereum, Ripple’s XRP, binance coin, stellar, monero, and tron already somewhat giving up their latest gains.
The bitcoin and wider cryptocurrency market has added an eye-watering $30 billion since Monday morning, with a big leap taking it up by $15 billion in a matter of minutes on Tuesday.
The cause of the sudden bitcoin price boom is still uncertain but many traders and analysts have put it down to a major order place by an anonymous buyer, which set off a wave of algorithmic buying as computer programs scrambled to place orders of their own and not miss out on the sudden price surge.
Now, the likes of bitcoin rivals ethereum, Ripple’s XRP, binance coin, stellar, monero, and tron have already begun falling back, losing between 0.5% and 4% each over the last 24 hour trading period, according to the latest prices from CoinMarketCap, which tracks most major cryptocurrencies.
Original story: http://tinyurl.com/y25lymty