With the increase in Bitcoin price over the past few weeks, the cryptocurrency market might just be looking at its next bull run.
Looking at the changes in market price over the past seven days from Coin360, it’s obvious that the upshift over the week has been massive for the leading tokens and a wave of green flooding the market overall.
Bitcoin price surge
Looking at Bitcoin price over the past week, it has risen from $5653.69 to gain almost $2000 to see a $7503.87 price tag which is a whopping 32% weekly gain. Over the weekend, the cryptocurrency has readjusted slightly to hover between the $7000 and $7100 mark. Looking at the price from last week to the Bitcoin price right now, there’s a 24.76% jump upwards.
This kind of spike has rallied some of the tokens in the market to see gains of up to 66%.
Ethereum price increase
Ethereum, sitting in the second spot, gained above $200 for the first time since November last year. The difference between Ethereum’s weekly low of $159.99 and a high of $203.47 shows a tidy 27.17% increase. Currently, Ethereum price is showing $189.50 which is 17% up from last week’s opening price of $161.
The Bitcoin hard fork faced a weekly low of $72.33, compared to a high point of $94.54; boasting a 30.7% increase. Currently, Litecoin is hovering around $85.75. Looking at the difference between the token’s price of $72.92 a week ago, Litecoin is up in weekly trading by 17%, much the same as Ethereum.
Why is Bitcoin rising?
While sentiment and the fear of missing out (FOMO) is often a reason for the market’s shift upwards. The Consensus conference in New York, which is taking place this week, could be another factor in Bitcoin’s sudden spike. Chart movements around the time of the conference last year show that the event could be a major aspect of Bitcoin’s rise.
This was the Consensus pump of 2017. The first chart zooms into the week where the market doubled. pic.twitter.com/Tn8cFHF7BH
— Ran NeuNer (@cryptomanran) May 12, 2019