Bitcoin Price Surges to the $685 Mark, Ethereum Establishes a New All-Time-High

The bull market continues its frenzy. Today Bitcoin reached a two-year high ($685 in Bitfinex), and the rally rippled waves across the Cryptocurrency market. Ethereum reached a new all-time high (in the ETHUSD FIAT pair).

The market experienced a great deal of volatility, traders on the bull side found bids and pushed the price high enough to create a $87 daily green candle, approximately 114,100 Bitcoins were traded yesterday on Bitfinex.

The market capitalization of Bitcoin has reached $10 billion and a 24-hour volume of $245 million (Data via CoinMarketCap). Reasons for this spike in valuation responds to a tremendous buy pressure from Chinese markets, seeking for a more strong currency, as Yuan keeps devaluating.

The Block Halving Event is another decisive factor. There has been extensive debate about this topic, with many raising the concern that a failure to drive the price higher could cause a ‘death spiral‘, Venezuelan-Panamanian trader Gerardo Mogollón told The Merkle:

Every asset traded in the world is affected by the law of supply and demand , if you effectively halve the amount of Bitcoins produced every 10 minutes the price will go up, there is just so much at stake in the game.

Related Post

Another impending event that may push prices higher is the possibility of a Brexit -Withdrawal of the United Kingdom from the European Union-, this event will meet a resolution on June the 23 when voters will decide the country’s future.

Ethereum also found bids today, when the price spiked from $14.24 to $16.08 making a new all-time high (Data via Bitfinex). Also, Bitfinex’s Ethereum market saw more volume on the Fiat pair (ETHUSD) than the ETHBTC one -163.790 ETH vs 162.514 ETH respectively.

It is possible that traders exiting their BTCUSD positions decided to hedge their profits using another strong cryptocurrency -FIAT is not as attractive in these circumstances. All in all, this is good news for those speculating on both (Ethereum and Bitcoin) markets.

Image via Shutterstock

Apple users can now download the app of The Merkle in the App Store!

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Eduardo Gómez

Eduardo Gómez is a Computer Science Major from Venezuela, a country with a loyal Bitcoin user base. He discovered Bitcoin in 2012 and now he use it to escape the triple-digit inflation that Venezuela suffers, he is focusing on developing a writing career, and he tries to keep up with the news in FinTech and Blockchain Technologies.

Share
Published by
Eduardo Gómez

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

2 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

2 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

2 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

2 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

2 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

2 hours ago