The
Bitcoin (BTC) price has surged by over 10% late today, after a substantial spike in cryptocurrency trading volume.
Within a one-hour period, the price of Bitcoin,
B Cash (BCH),
Ethereum (ETH),
Ripple (XRP), and
EOS increased by 6 to 10%, as the valuation of the cryptocurrency market surged to US$292 billion from US$272 billion, jumping by more than US$20 billion.
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The unexpected corrective rally occurred late in the day (PST) July 17, pushing the price of major digital assets to spike by large margins. Bitcoin and EOS have been the best performers out of the major cryptocurrencies, rising around 10% in a relatively short period of time.
Optimistic developments in leading cryptocurrency markets including the US, Japan, and South Korea were not reflected by the crypto market over the past two weeks, and the recent bull run may begin to portray the progress the market has seen in terms of regulation, adoption, and general consumer demand.
The last time BTC spiked by a margin as big as today’s rally was April 9
th, when the price of BTC surged from US$6,900 to US$8,000 within half-an-hour. Ultimately, the surge from US$6,900 to US$8,000 led the price of BTC to test US$10,000.
While it’s uncertain what's behind the rapid increase in crypto market value, there have been several positive announcements in the sector recently. Global regulators have taken active steps to publish a framework to monitor risks from cryptocurrencies while
BlackRock, the world's largest asset management company, says it's now planning to invest in blockchain technology.