Thanks to a night full of strong trading (18:00 – 24:00 UTC), Bitcoin prices have sharply risen. The cryptocurrency rose by up to 10% and for the first time it surged passed the $14,000 mark.
Bitcoin officially became the second-best performing asset second only to the unknown crypto asset TRON. The bullish climb by Bitcoin capped 24 hours during which its price rose by more than 20% across all global exchanges. According to CoinMarketCap, during that time Bitcoin rose by $2,000.
CoinDesk Bitcoin Price Index (BPI) stats show that at 1:00 UTC on Wednesday, the price of Bitcoin stood as a little over $12,000. Today it climbed to $14,000 and set its all-time high record at $14,097 on the BPI.
Alex Sunnarborg, a crypto hedge fund manager of Tetras Capital says the biggest contributor could be fear-of-missing-out who are now made up of both long-time market observers. Also new investors are increasingly looking towards cryptocurrencies as the Bitcoin prepares for a debut in future products come next week.
“People who had bitcoin and went into alts are going back into Bitcoin,” says Sunnarborg.
While Bitcoin value surged, other cryptos like BitShares, MaidSafeCoin, MonaCoin, Eisnsteinium, and Siacoin saw a loss averaging to 10%. Additionally, of the top 20 assets, just three registered gains within the 24-hours says CoinMarketCap.
However the general data show that the total value of cryptocurrencies are now approaching $400 billion. A big leap when you remember that at the start of 2017 it stood at under $10 billion.