The recent prices of around $7,400 for Bitcoin may have been the bottom for the popular digital currency in the past few days. As of Friday (Oct. 25), BTC saw a major surge with its price rising up past the $9,000 level bringing excitement and volatility to the market for those speculating on the investment.
A report on Friday via Cointelegraph noted that indicators were pointing towards a price reversal for Bitcoin but that the “overall market sentiment was still extreme fear.” However, there were several potential reasons for the surprising surge in price over such a quick time period.
So what could have caused the sudden price jump for Bitcoin? Cointelegraph’s report mentioned that Friday marked a FME futures expiration date. In the past, these days have provided volatility for BTC prices. In addition, Bakkt futures hit a new all-time high. There were 640 contracts traded on Wednesday (Oct. 23) which was 653 percent more than the day prior. On Thursday, 330 more contracts traded via Bakkt. Cointelegraph says this points towards demand and interest in the digital currency at current prices.
As of this report, Bitcoin’s price had surged past $9,000 and even as high as $9,500 giving it a surge of nearly $2,000 in the past 24 hours. According to the Coinbase exchange, BTC was up about 21 percent in that time period. In the past year, Bitcoin is up by $2,300 or just over 36 percent, as of this report.
A number of the notable altcoins from the top 20 also saw solid gains in conjunction with BTC’s upward swing. As of Friday, Ethereum moved up by 16.25 percent as of this report, while Bitcoin Cash surged by 25.2 percent, according to the Coinbase exchange. Both Litecoin and EOS had moved up by over 19 percent as well. Other movers in terms of altcoins included Dash moving up 15.26 percent and Ethereum Classic going up by 13.37 percent.
While the recent price swings are a welcome sign for those who are bullish on Bitcoin’s future, there is still room for more volatility. Most individuals are eyeing next year’s “halving” event as bringing the next major level for BTC’s price. Some believe the price will reach its previous high levels of $20,000 or even push to a new all-time high. That remains to be seen, but Friday’s volatility certainly gave reason for excitement after the price had fallen near $7,400.
