Just when the sentiment was starting to feel more and more bearish, Bitcoin went on to do the exact opposite of what a lot of people seemed to expect. The cryptocurrency skyrocketed, gaining more than $1,000 in just a few minutes. Naturally, the majority of the market followed.
Bitcoin Surges Over $1,000
The last few days were fairly depressing for Bitcoin’s price, as the cryptocurrency lost a lot of its value in a few sudden and violent movements downwards. However, it quickly made up for the losses today.
Bitcoin surged over $1,000 in less than an hour, charting a massive green candle.
As it can be seen on the chart, Bitcoin was trading at around $7,400 earlier today and it marked a massive spike, surging to around $8,400. At the time of this writing, this is an increase upwards of 12%. The market capitalization is standing close to $150 billion.
Interestingly enough, however, Bitcoin’s dominance didn’t increase that much and it’s standing at around 67%. This means that the altcoins are also taking advantage of this latest surge.
The Entire Market Feels Bitcoin’s Price Spike
As it tends to happen ever so often, the entire cryptocurrency market felt the spike in Bitcoin’s price.
We can clearly see a green canvas across the entire market. Some of the most notable gainers from the top cryptocurrency projects include ETH, which is up almost 10%, Litecoin which gained upwards of 11%. EOS also managed to gain more than 13% in this last spike. Another cryptocurrency that gained a lot was Binance Coin (BNB) that’s up almost 11% in the past hour as well.
While the exact reason for the sudden spike is yet to be identified, it’s definitely certain that Bitcoin did the opposite of what a lot of people expected.
Bitcoin shattered important resistant levels along the way without much hesitation. However, it’s interesting to see how and where the price will consolidate going forward.