Last updated on June 4th, 2020 at 05:09 pm
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Bitcoin surges above $10,000 again amidst the unrest across the United States.
The price of bitcoin has surged above $10,000 for the first time since ib 25 days.
This happend in about 15 minutes after U.S. President Donald Trump finished a speech on how he will address the current chaos in the country.
After a brief pullback to $10,100, bulls moved in to increase the bitcoin buying pressure against US dollar.
At press time, the top-ranked cryptocurrency on CoinMarketCap has broken above $10,000 mark which has been in place since 25 days ago. Bitcoin currently trades at $10,123.96.
Read Also: Halving Dump: These are the 4 Main Reasons Why Bitcoin Dropped $10K to $8.1K
According to bitcoin price analysts, here these are some of the reasons that could be driving the current bull run:
- Bitcoin has been consolidating at $9, 500 making a strong case for a possible breakout
- The growing U.S. turmoil is fueling the narrative
- Growing inflation as the US and other governments worldwide prevent negative interest rates
- Long periods of stability and low bitcoin volatility levels (within the 2% range for over 100hrs) have historically correlated with large price movements
- Rising premiums in bitcoin futures pointing to a large demand spike for long positions
- Rising premiums in options contracts as traders are willing to pay more for long exposure.
Altcoins also began to rally in response to Bitcoin moving back to $10,000 and many tokens in the top-20 rallied 3 to 5%.
Tokens like Binance coin has incread by 3.42%. Ether (ETH), the largest altcoin, moved 4.47% to $249.37 while XRP gained 3.62%.
The total cryptocurrency market capitalization is over $283.2 billion at the time of writing with Bitcoin still covering a total share of share 65.7%.
