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.

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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

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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.

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