The coin market’s latest bull surge gave rise to several speculations in the community, with crypto-enthusiasts attributing it to various reasons, from an April Fools’ Day joke to the SEC approving Bitcoin ETF, to growing institutional adoption. The present surge may, in fact, signal the cryptocurrency’s exit from the devastating effects of the crypto-winter.
While Bitcoin and other cryptocurrency trading is not time-bound and exchange trades are executed 24*7, a pertinent point was made by eToro’s Mati Greenspan. The senior analyst is of the opinion that the Bitcoin pump was generated by the Asian crypto market. Greenspan tweeted,
“Judging by the timing, it looks like the pump originated in Japan or South Korea. New York is asleep, Europe is just opening their eyes. This is the Asian trading session.”
The approximate time when Bitcoin prices started pumping was around 4:30 UTC. According to Greenspan’s speculation, the spike started in the Asian countries of Japan and South Korea, at around 14:00 pm local time.
Many analysts in the ecosystem directed crypto’s growing mainstream adoption to the latest bull run. Mati Greenspan, however, had different views. In a recent interview with Bloomberg, the senior analyst stated that even during the crypto winter, the market evolved at a rapid pace. According to him, coin prices are not an indication of market growth.
The Senior Analyst of eToro had previously said that altcoins were recovering after the December lows, which according to him, increased in valuation while Bitcoin exhibited stable movement in the market. Greenspan recently speculated that altcoins were outperforming Bitcoin, adding that the largest digital asset will be exhibiting bullish stance only if it breached the $4,600 mark. The latest surge contradicts some of the “well-known” price predictions that speculated that 2019 would be an altcoin season.
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