Bitcoin soared to its highest in nearly five months on Tuesday, pulling smaller cryptocurrencies up with it, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.
Bitcoin Cash (BCH), a fork of the bitcoin blockchain, is the standout best performer so far this month, at one point flashing 94 percent price growth against the Dollars, roughly 50 percent of which was recorded on Wednesday alone as its BTC pair surged almost 40 percent.
Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors that pushed cryptocurrencies onto the agenda of mainstream financial firms. But previous year prices collapsed by three-quarters, with trading dominated by smaller hedge funds and crypto-related firms.
An anonymous trader who recently placed $100 million United States dollars worth of concurrent Bitcoin buy orders on Coinbase, Kraken and Bitstamp probably triggered a "frenzy" of automated buys, a source to Reuters claims.
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"If you look at the volumes on each of those three exchanges there were in-concert, synchronised, units of volume of around 7,000 Bitcoin in an hour".
Market participants say big buy or sell orders in Bitcoin can often lead to outsized moves, in part because volume is spread across dozens of venues.
Charlie Hayter, founder of the website CryptoCompare, confirmed Landsberg-Sadie's contention that bots helped fuel the latest rally when he told Reuters that big orders on crypto exchanges tend to trigger algorithmic echoes.
As bitcoin surged, 6 million trades occurred in an hour, Hayter said - three to four times the usual amount, with orders concentrated on Asian-based exchanges.
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Rival coins including ether, ripple and litecoin also jumped, as did shares of Asian cryptocurrency-linked stocks including Remixpoint and Monex Group.
Today the bitcoin surge has continued but more noticeably, other top cryptocurrencies are making up grounds against bitcoin after yesterday's bitcoin price spike. On the back of a damning article by Gizmodo bitcoin is up today proving it is more than a bitcoin April fool.
Currently, Bitcoin Cash is trading at $253, according to CoinMarketCap, while reaching a total market capitalization of $4.48 bln. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. This article is strictly for informational purposes only.
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