Why Did Bitcoin Jump So Swiftly? Analysts Weigh In

Bitcoin rose more than 15 percent in one day. The behavior, while very much welcome, is also quite odd, and many analysts are wondering what could have caused the world’s number one digital currency by market cap to experience such a massive surge so quickly.

Bitcoin Is Back in Bullish Hands

While the asset is presently trading for as a much as $8,800 – a price that is certainly solid in most traders’ eyes considering just 1.5 months ago, the currency was trading in the high $3,000 range – bitcoin did spike beyond the $9,000 range about 48 hours ago. Sadly, the move didn’t last as people began selling their bitcoin stashes as a means of putting cash into their pockets.

Still, considering from one day to the next bitcoin went from the high $7,000 range to more than $9,000, further study is necessary in analysts’ eyes. One – Denis Vinokourov, head of research for digital asset firm Bequant – is quick to “blame” the halving event that’s slated to occur later in the…