Trading volumes on the Bakkt platform exceed 1000 BTC

Bitcoin posted a massive increase of more than $ 2500 during the day on Sunday, which represents almost 40% of its value. For a short time, the BTC price exceeded 10,000 and subsequently stabilized around $ 9700.

Contents hide

1 Surprising growth due to China

2 Trading volumes

3 Altcoins are also growing

3.1 Related posts:

This is the highest price increase since May 2011 and has sparked enthusiasm in the crypto community.

Surprising growth due to China

In the last month, the evolution of Bitcoin has been quite disappointing. After the $ 2000 decrease from mid-September, the cryptocurrency continued to have a downward trajectory, reaching below $ 7500. Analysts were becoming more pessimistic, and the technical charts did not offer much hope.

But on Friday, the president of China made a public statement in support of blockchain technology. At the same time, CME futures contracts have expired, which traditionally drives up prices.

VanEck’s director, Gabor Gurbacs, believes that the arrest of CEO Crypto Capital may be an additional reason for the price increase. There is now the possibility that the exchanges that used the services of the company can recover the funds blocked by the authorities during the investigation. Bitfinex, for example, has to recover over $ 850 million from CryptoCapital.

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Trading volumes

In addition, trading volumes on the Bakkt platform posted a new record of 1,100 BTC on Saturday. The company also announced that it will launch Bitcoin options on December 9, 2019.

Altcoins are also growing

Injecting over $ 55 billion into the crypto market has pushed the total market cap to over $ 250 billion.

The other cryptocurrencies also started to grow – Ethereum is approaching $ 190, while XRP has reached over $ 0.30. On Sunday, most altcoins had increases of over 10%, and the upward trend continues.