After a long time of being characterized by falls in prices of crypto coins, the cryptocurrencies investors and holders celebrate the rise in the prices of the digital assets on the cryptocurrencies market. In the last hours, all the cryptocurrencies had a constant growth. Bitcoin (BTC), in special, increased by 4% in the last 24 hours.
From December to January, the cryptocurrencies market was only trying to stabilize but until February almost all the crypto coins experienced one of their biggest falls ever.
In total, the cryptocurrencies market went down from $500,000 million to $248,000 million.
Bitcoin (BTC) price shot up in just 1 hour
For example, recently, Bitcoin (BTC), in just one hour, jumped from about $7,000 to above $8,000, this being a price that hasn’t been seen since March.
On the other hand, Ethereum (ETH), the 2nd crypto coin in the world by market cap, increased by more than 6% in the last 24 hours, trading right now around $523.
The Bitcoin (BTC) is currently trading at exactly $8,275.57, registering an increase by about 4%.
This price increase is a bit difficult to explain but everything points to that it is due to the interest of several big investors. Another reason is that there may be entries from private companies.
Some of the possible reasons why Bitcoin (BTC) price soared
George Soros and Venrock Venture Capital, from the Rockefeller investment group, bought Bitcoin (BTC), apparently, as part of their cryptocurrencies investment plans.
In addition, Yahoo Japan announced that it will buy 40% of BitARG, a cryptocurrencies exchange, based in Tokyo. Of course this fact caused new investors to enter the market.
Also, as it is so difficult to understand how the world of cryptocurrencies works, a new Japanese music female band decided to explain how the cryptocurrencies market operates through music. The women, nicknamed after crypto coins, talk about issues such as data mining and some investment advice that buyers should follow and they do it via the lyrics of their songs.
All these facts seem to helped Bitcoin (BTC) price, in special, to rise up and the cryptocurrencies market, in general, to stabilize.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.