Bitcoin is back at it. Over the course of the last week, bitcoin experienced the usual amount of volatility, but ended the week with some serious gains.
After falling down to nearly $7.4K, bitcoin made a rapid recovery and jumped to over $10K in just 30 hours.
$BTC has moved +42% today
– 4th largest gain in history and largest since May/10/2011 (if comparing against daily returns).
– 15th largest two-day gain in history, Nov/18/2013.
Thank you China.
President Xi is the true Crypto Dad.
— Alex Krüger (@krugermacro) October 26, 2019
The initial surge went up to the $8.5K mark followed by a very impressive rise. The rise in price was so sudden, that according to Alex Kruger, it was the 4th largest gain in history since May 10th 2011.
Many different theories about the rapid recovery
Kruger’s remarks to Chinese President Xi Jingping are most likely due to his earlier statement where he encouraged the development and growth of blockchain technology.
While this is most likely the case behind the sudden spike, some analysts have stated that Bakkt’s new daily record might have helped the price climb as well.
Today we set a new daily record of 1,179 Bakkt Bitcoin Futures contracts traded
— Bakkt (@Bakkt) October 25, 2019
As CoinStaker reported last week, the price drop to $7.4K was not something out of the ordinary. In fact, just like the Coinstaker report mentioned, the price drop, actually came a bit later than originally thought.
Last week’s drop to $7.4K was in fact the 9th time in which bitcoin dropped below $7.8K since September 24th.
On October 26th, bitcoin’s performance earned the crypto top dog 71.49% market dominance. The daily gains were around 36%.
Ethereum (ETH)’s week however, was a bit more volatile. The most popular altcoin began trading at $174, dropped down to $157 during the earlier days, but ended the week at $184. Due to the high amount of volatility however, most traders will enter the week with caution.
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