The cryptocurrency market has seen a sudden surge in its prices after an extended bear run. Popular cryptocurrencies like Bitcoin [BTC], XRP, and Ethereum [ETH], were all passengers on the bull rocket after one-hour charts showed massive spikes.
At the time of writing, Bitcoin was growing by 4.03% in just one-hour, with a total market cap of $59.237 billion. The cryptocurrency was trading for $3,427.12, with a 24-hour market volume of $4.047 billion.
A majority of the cryptocurrency’s trade volume was occupied by BitMEX, with a total hold on $1.261 billion worth of Bitcoin. BitMEX was closely followed by CoinBene, which had 3.52% of the entire Bitcoin trade taking place on the platform.
The spike saw Bitcoin climb from $3,228.3 to $3,400.68 in an unprecedented vertical climb. Bitcoin was also in the news recently when Erik FInamann, a teenager who ended up becoming a Bitcoin millionaire during the 2017 bull-run, stated that the cryptocurrency was dead. In an interview, said:
“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead.”
Bitcoin’s time in the spotlight was also extended by Tone Vays, a popular trader and one of the cryptocurrency’s major proponents. He had said that Bitcoin’s use cases is more than a Store of Value and is a hard set currency that will benefit the people. In his words:
“So eventually, you run out of weak currency to spend and you have to spend hard currency. Right, so you’re only spending the weak currency while you have it, eventually you don’t have it, eventually you don’t want it, right, if everyone is spending it who wants it.”
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