A BTC bull run is no longer a distant dream! Given that Bitcoin prices have been on a slow downtrend for most of 2018 – the markets now seem to be ready for growth. It was apparent today more than ever before – as Bitcoin price shot up by 8.5% over the 24-hour period.
This is a short-term BTC bull run. This is likely to bring in enough optimism in the markets to get the bulls charging in for a longer period. Let us take a closer look at this Bitcoin price rise:
Bitcoin Price Grows by 8.5%: Stats of this BTC Bull run
Bitcoin began trading at the price of $3,572 at the beginning of the 24-hour cycle. However, the current value of the currency stands in at $3,870: a growth of 8.5%. Moreover, the highest point that the value of BTC has hit today so far is $3,932. This sort of growth is a clear sign of an incoming BTC bull run.
Bitcoin’s market cap stood at $63 Billion at beginning of the day. However, it currently stands in at $68.44 Billion – a growth of over 5 Billion dollars. These statistics are really impressive. Moreover, in the crypto markets – growth attracts growth. Hence, a bull run is approaching.
Reasons for a BTC Bull Run
Those wondering why the Bitcoin price is suddenly surging need to look at things logically. Considering that the price had almost bottomed out, many investors began to buy in large volumes so that they can make a bigger profit when the prices rise.
Basic economics indicates that since the demand rose, so did the Bitcoin price. As long as there is demand, the price will continue to surge. It will be interesting to see if institutional players become a part of this BTC bull run!