Bull roar in Bitcoin
This week was one of the most volatile periods in Bitcoin history. Bitcoin declined to $7,400 before witnessing a significant recovery in some platforms, reaching as high as $10,350.
As can be seen, traders, investors and long-term holders believe that the latest pump movement depends on market manipulation and possible Chinese embrace.
Positive interest increases
Bitcoin’s upward movement came shortly after Chinese President Xi Jinping announced that China wanted to lead the upcoming blockchain revolution. In a speech on Thursday (October 24th), President Xi praised the blockchain as a potential groundbreaking technology, highlighting numerous potential applications.
Since the announcement, several top Chinese universities have begun to offer courses on blockchain. In addition to this, Blockchain appeared on the front page of the People’s Newspaper- one of the most popular written newspapers in China. And today, as China’s last move, the government has enacted a new crypto law that standardizes its research approach to crypto and blockchain.
Unprecedented market movements
Although cryptocurrencies are not famous, variable price movements are typically limited by a few percentage points in both directions. However, these recent price movements are different.
Currently, Bitcoin ranges from $ 9,000 to $ 9,500, indicating an increase of more than 20 percent in the last 9 hours. The cryptocurrency also saw a significant improvement in market dominance, rising from 65.5 percent to 68 percent on Saturday.
According to a well-known cryptocurrency market analyst, Alex Kruger, BTC’s last wave is the fourth gain in its ten-year history. It is also the second-largest gain in two days since November 2013.
The positive attention is not the only Bitcoin that benefits from the ascent. Almost every major cryptocurrency experienced a dramatic improvement. The Ethereum rose over 10 percent to $180. Bitcoin Cash rose 18 percent to $258 and finally, Litecoin rose 12 percent to $56.