Bitcoin (BTC) saw a sudden and unexpected increase today—in just a matter of minutes. It moved from $6,190 to almost $6,450 dollars in just four minutes. Bitcoin was traded close to $6,100 in the last hours of September 8th, nearing its 2018 low point.
Bitcoin Grows 4% in 4 Minutes
The BTC gain shows either resiliency or price manipulation since it rose so much in a short time. Analysts pegged Bitcoin’s next price level at $5,800, but it bounced up to $6450 in a matter of minutes. Immediately after, all the other cryptocurrencies followed behind.
The total cryptocurrency market capitalization has also increased. It passed from $192 billion to $198 billion in just minutes, growing 3.1%. During the last days, the total market capitalization was close to $200 billion dollars. The market tried to break that barrier two times on September 6th and 7th, but it couldn’t. On September 8, it was finally able to go down to $191 billion dollars.
Most of the cryptocurrency investors and analysts were not expecting such a bullish movement on Bitcoin. Some days ago, Bitcoin dropped from $7,400 to $6,100 in the last few days after regulatory pressures and sell-offs.
On August 25, Shapeshift CEO, Erik Voorhees, commented that the bear market was going to end soon. He explained that after several months of a downtrend we are almost at the end of it.
“I don’t expect it (the bear market) to end soon, although I do think that the rate of collapse has slowed considerably,” he said. “Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while… But I think we are done with a majority of the collapse.”
Virtual currencies are volatile assets that can move very aggressively up or down. However, the comments given by Mr. Voorhees, show that the bear market could end at any moment.
In the last three months, Bitcoin has tested the $6,000 level several times, but it cannot recover from this region.
At the moment of writing, Bitcoin is being traded close to $6,425 dollars and has a market cap of $110 billion dollars.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.