- The price of Bitcoin gains $1,000 within a period of 30 mins.
- Value of other cryptocurrencies remains in the green.
Crypto world: This is good news for investors and HODLERS. Today 12th April, the cryptocurrency world records an explosion of growth as Bitcoin (BTC) jumps in price by more than $1,000 increase to break $8,000 over within just a period of 30 mins. Other cryptocurrencies remain solidly in the green.
Though no particular event has been pinpointed to be responsible for the sharp rise in price across the board. Some Twitter users considered the latest news that BTC has been declared compliant with Shariah law – according to a news released today – to be another contributing factor to the sudden spike:
Additional 1.8 billion people will now be able to buy #bitcoin #bitcoin is declared halal and holy for Islamic Community. Expect a bounce as soon as Saudi Arabia, Qatar & Abudhabi Sovereign Funds enters Crypto Markets 😂https://t.co/ZKcdBCkkZ7
— Trading Room (@tradingroomapp) April 12, 2018
As at press time, Bitcoin is trading at about $7,819, which is a rise of about 14% within a period of 24 hours.
Another tweet by Joseph Young showed that the recent price spike is an example of typical Bitcoin behavior:
Welcome to bitcoin pic.twitter.com/v5nuNQb5e2
— Joseph Young (@iamjosephyoung) April 12, 2018
WhalePanda, a cryptocurrency trader, and Twitter persona tweeted that the jump is a “bear trap”:
— WhalePanda (@WhalePanda) April 12, 2018
Other cryptocurrencies are in the green, for instance, Ether also witnessed a notable price spike. As at press time, the value of Ether has risen to almost $466 – after it hovered around $400 for about a month – this rise is by more than 12% within a period of 24 hours.
More so, the total market capitalization was more than $300 billion today – first time record for this month – before plummeting slightly to about $297 billion, which it is presently.
EOS is the up the most among the top 10 altcoins listed on CoinMarketCap.com, rising above 30% within a period of 24 hours, and currently trading at about $8.91. The April 9 pre-release of the Dawn 3.0 Blockchain platform for EOS could be responsible for this rise. Cardano rose with about 22%, trading presently at about $0.18; IOTA at about $1.18, which is a 14% increase; and NEO is presently trading at about $60, which is a 13% rise.
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