Bitcoin price surged 4.2% in a few hours on January 12th.
At 11pm UTC, the price of Bitcoin was $17,548. As of 1:00 AM UTC, the asset was worth $18,287. Shortly after this high, prices began to fall, but at this early stage, it is unclear what Bitcoin’s long-term price trend will be.
Bitcoin price via Coingecko (PST hours)
It’s not clear why Bitcoin’s price surged, as no major events or announcements were made during the price spike.
Investors may instead have bought bitcoin in anticipation of upcoming events, such as expected announcements related to the Consumer Price Index (CPI). His CPI data for December had a similar impact on last month’s price, albeit after the fact.
Sudden changes can also be due to the behavior of large holders or “whales”. In that case, Bitcoin surges would be the result of individual trading decisions as opposed to major events that could have broad market impact.
Bitcoin’s 4.2% price gain over the past few hours accounted for more than today’s overall 24-hour price gain of 4.1%.
Moreover, Bitcoin’s strong performance seems to have drawn much of the cryptocurrency market to it. Cryptocurrency market capitalization has risen 3.3% over the past 24 hours, while Ethereum has risen 4.9% over the past 24 hours.
It first appeared on CryptoSlate after BTC surged close to $18,300.