Bitcoin Price Jumps 30% in 8-Day Gains

In the past 24 hours, the bitcoin price has seen a gain of around $1,000 and surpassed $13,150 across major crypto exchanges, demonstrating strong momentum against the U.S. dollar.

Technical analysts have said that the recovery of bitcoin from relatively large short term corrections have strengthened the foundation of the current rally of the asset.

While the surge in the bitcoin price over the past two to three months is widely believed to be technical, there are important contributing fundamental factors that have acted as potential catalysts of the entire crypto market.

Along with the consistent inflow of institutional capital through custodian solutions, investment vehicles, and futures markets, the hash rate of the Bitcoin blockchain network has recorded its fastest rate of growth in history.

Reference: https://www.ccn.com/news/bitcoin-13000-30-gain-8-days-factors-recovery/2019/07/10/

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