Bitcoin (BTC) Jumps Above $7,000, Leading the Crypto Market Higher
The cryptocurrency market is off to a strong start this week, with Bitcoin (BTC) jumping 6.3% in a matter of minutes to $6,700 before continuing north of $7,150.
Behold the nearly +15% 4hr $BTC candle on Bitfinex. I don't fully understand what's going on behind the scenes but this is fascinating to watch.
This is a nice switch from typical bloody Monday morning. pic.twitter.com/OvYeAr7v2h
— Luke Martin (@VentureCoinist) October 15, 2018
While it’s unclear what exactly is driving the recent surge in Bitcoin’s price, the rapid gains may have originated from Tether sales on Bitfinex before quickly spreading to other exchanges via trading bots. The current short interest on Bitfinex stands near all-time highs with roughly 36,153 BTC being sold short, or roughly $241,000,000.
The rest of the cryptocurrency market has rallied alongside Bitcoin, with the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, now up around 10% in the last few hours.
Multiple altcoins are now trading in the green, lead by Komodo (18.8%), Pundi X (16.8%) and Kin (16.4%).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.