As the cryptocurrency market suddenly springs to life, the value of world’s most popular cryptocurrency, Bitcoin, has been gone up.
The surge in price was abrupt and to to the highest level since November. With this the $160 billion cryptocurrency market has begun to hot again after three months of lull.
Traders noted a fresh interest after Bitcoin breached the $4,200 level. The cryptocurrency briefly topped $5,000 and the value of digital assets tracked by CoinMarketCap.com jumped by about $17 billion in less than an hour.
Last year had witnessed a 74 percent crash in value of Bitcoin. So, the Sudden swings in Bitcoin value is normal. Market participants say big buy orders in Bitcoin can often lead to outsized moves, in part because volume is spread across dozens of venues.
Among potential triggers discussed on trading desks and in social media: short covering by traders who had stop-loss orders around the $4,200 level, computer-driven trading and an April Fool’s Day story on a little-known online news site claiming that the U.S. Securities and Exchange Commission had approved Bitcoin exchange-traded funds.