From previous few months Bitcoin was in correction period . despite so many positive news it was not increased rather it had fallen below $6000 strong support level. But from last 3 or 4 days Bitcoin is showing a very good increase as today it jumped and touched the $7500 level. From past 24 hours BTC is about 12 % Up. This is a very fast and god growth for Bitcoin as from last night it jumped from $6700 to $7500 till now . Also the total market Cap is jumped from around $ 270 billion to $ 300 billion .
Following Bitcoin , Altcoins also a good growth in their prices.
Bitcoin Cash , EOS , XLM and Cardano performed very well and all are in green with double digits in terms of percentage . Other altcoins also going good If Bitcoin holds this level then we can expect a good return from these coin in coming days.
Current Figures according to CoinMarketCap :
Btc Price - $7450
Total Market cap - $297,700,800,723
BTC Dominance – 42.9%
Now lets discuss about the possible reasons behind Btc pump :
According to me there are 3 main reasons for the Btc pump
1- ETF Will Be Approved Soon: – The day when this news came in market it gives a new way to Traders in in this cryptocurrency world . As after the announcement of this news Btc showed us some signs of growth and this is the first reason for changing markets’s behaviour from Bearsing to Bullish.
2- BLACKROCK , the Biggest ETF Provider looks to get involved in BTC :- People in cryptomarket are just waiting for any good news and this news gaves them a very bullish positive sentiment about BTC . As a result, we have seen that the btc came in bullish behaviour and crossed the $6600 level . This Increase is expected because the news is very big , Blackrock is the world’s largest asset manager and ETF provider with a valuation of $6.3 trillion.
3- Japan’s Major Finance Firm SBI Opens its crypto Exchange To Traders :- Market is already is in the mood of going up and just after coming of this news market start exploding and suddenly pumped from about $6600 to $7500 in just 2 hours . BTC is about 12% up in last 24 hours . This was a very big news from japan as it is the only country who always take first step regarding new technologies and also in case of bitcoin . Japan is the Country who first legalise the Bitcoin in their county. This time they also showed how much they are interested in Btc and what could be the effect of news coming from japan about Bitcoin.
According to me these are the 3 main reasons why Btc pumped . The main thing is that the Btc has crossed the critical $6800 Resistance and also the $7200 Resistance . This is very positive and changed the whole behaviour of market . If Btc holds that position and don’t fall below the $7000 mark then we can see a good growth in market in the coming days.
That’s all from me . If u have some more reasons for BTC pump then must comment below .
Plz Upvote and follow
