Average price is $1370 on http://www.coinmarketcap.com although price is ripping ahead on other exchanges. What do you think is behind this pump?
Could this be a fake pump? The market dominance of Bitcoin is now at 59.2%, it was in the 80 - 90 % range not so long ago. Surely the price should be going down as altcoins are getting a lot more volume?
The scaling and segwit debate doesn't seem to be resolving anytime soon.
My thoughts on the reasons behind the current rise
- Crypto traders are seeking safe haven via the gateway coin Bitcoin to hodl their value and lock in their gains from altcoin profits.
- Japan legalising Bitcoin is awaking the masses
- Potential for India and Russia to legalise in the next few years
- It's a bank holiday in UK, London stock exchange was shut over the weekend and Monday, 3 days of no trading for the LSE market means legacy world traders are looking for other things to trade, what better than a currrency that is traded 24/7
- Potential for ETF reversal
- Just another day in cryptoland