Bitcoin Surges So Does the Other Altcoins

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It seems Bitcoin has made a comeback once again. Bitcoin which was trading $5350 at the starting of this month, is now trading at a price over $8000. Bitcoin price at the time of writing this article is $8064.82. This more than 30% jump in a month reminds us of Dec 17, 2017, when Bitcoin sore to an all-time high of $20,089. And, it’s not only Bitcoin that’s rallying again. Joining the league is the list of altcoins like Ethereum, XRP, Bitcoin Cash, Litecoin, EOS, Stellar, and Cardano that seem to be reviving notably. While Ethereum and Ripple are up by 21%, Bitcoin Cash is trading above 30% of its price on May 1.

Here’s a screenshot of the top 10 cryptocurrencies on CoinMarketCap:

Courtesy: CoinMarketCap

So, the big question is: Will history repeat itself? Will Bitcoin once again shoot to an unexpected price? We’ll answer this question later, let’s see, what industry influencers and market leaders have to say about this sudden surge of Bitcoin price.

Bitcoin Surge: What is market saying?

John McAfee on Bitcoin

John McAfee took to Twitter and shared his emotions on the surging price of Bitcoin. Per his tweet, the bitcoin growth, as he anticipated will not stop.

Tim Draper told Fox Business in an interview that he believes Bitcoin will hold a 5% global market share by 2023.

Speaking on Bitcoin’s epic recovery from last year crash, Bitcoin Bull Michael Novogratz told CNN Business that Bitcoin will triple over the next 18 months, reaching to an all-time high of around $20,000.

Jason A. Williams, Co-Founder, and Partner of Morgan Creek Digital tweeted a visual from CNBC Market Alert asking them directly why they think Bitcoin won’t hold to $7500.

Jason on Bitcoin

That said, let’s know what’s the reason for this price surge and what’s in store for Bitcoin this year.

The possible reasons for the price surge

Bitcoin that has shown a sharp rise from its $5000 price at the start of May to its present price of $8000, is being debated for its sudden spike by cryptocurrency enthusiasts on social media channels. Let’s see what they have to say:

US-China Trade War

According to the crypto world, bitcoin has recovered at the time of elevated economic and political turmoil, US-China trade war is one of them.

Institutional Interest

Institutions like Fidelity, E*Trade, and TD Ameritrade have lately started dealing in Bitcoin triggering rival institutions to buy bitcoin.

BitFinex Scandal

The recent BitFinex scandal could be the reason people are buying Bitcoin and getting out of Tether.

Binance Hack

Soon after, when hackers robbed Binance of Bitcoin worth $40 million last week, Binance CEO suggested a rollback of the blockchain to recall the illegitimate transactions and recover the lost Bitcoins.

Last few months in Bitcoin Market

Heavy aggregation of bitcoin with buyers, innumerable unspent transactions, rising Bitcoin market dominance and unexpected trading of the cryptocurrency by Bitcoin whales over the last two months might be one solid reason for this sudden spike in price.

The Takeaway

Whatever might be the reason for the continuous rally of Bitcoin, investors are in no mood to jump off the bandwagon. The market sentiment says it all about their confidence in Bitcoin as a store of value which will shield them against global volatility of other major asset classes.