It must be unknown to the cryptocurrency traders what is the reason behind the sudden surge in Bitcoin on Tuesday, but they are continuing the ride anyway. On Wednesday, the biggest virtual currency raised to a new 2019 high. Many market participants struggled to explain.
As per reports of the Bloomberg composite pricing, Bitcoin increased as much as 5.9 percent to $5,087.54 at 9:47 a.m. in London.
With the Bloomberg Galaxy Crypto Index now up more than 70 percent from its low during the depths of last year’s crash, the debate over whether virtual currency prices have bottomed is heating up.
The sudden surge of Tuesday was considered as a confirmation by the Crypto diehards that a fresh bull market is going to start while bears claimed that entrenched skepticism among regulators, institutional investors and consumers will make any rally temporary.
Timothy Tam, the co-founder, and chief executive officer of CoinFi which is a cryptocurrency research firm in Hong Kong said, “We’re testing new highs today, so I think this is quite positive for the market. We haven’t seen a move like this in a long time.”
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