Bitcoin, which many investors and traders are hoping is going to begin 2019 with a bang, has leaped sharply over the last 24 hours, adding some 6% and climbing above the psychological $4,000 mark for the first time this year.
The bitcoin price, which has been languishing at around $3,750 for the last couple of weeks, moved sharply higher after a surge in bitcoin trading volume that sent the original cryptocurrency’s market capitalization up over $70 billion, according to CoinMarketCap data.
Bitcoin, despite being the most widely traded cryptocurrency with trading volume into the billions of dollars every day, still struggles with wild price swings due to so-called market whales moving large volumes of bitcoin at above or below the current market value.
Just ahead of the bitcoin market spike last night a bitcoin whale moved some 2,500 bitcoin (worth just under $10 million) on the Luxembourg-based Bitstamp exchange, according to the Twitter price tracking bot Whale Alert. The move pushed the daily bitcoin volume up to over $5 billion, a 2019 high.
The jump in the bitcoin price sent the wider cryptocurrency market higher, with ethereum gaining just over 2% over the last 24 hours, while ripple (XRP) added almost 5%.
“A surge of 6.5% in 30 minutes is not entirely uncommon for bitcoin and could very well be caused by a single large order on an exchange or even by a lack of liquidity in the market,” said Mati Greenspan, senior market analyst at brokerage firm eToro. “What’s interesting about this move is…
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