The crypto sector was shocked by the sharp surge in the price of Bitcoin (BTC) just now.
It is well known that the crypto king has been seen moving slowly around $ 32,000 until four o'clock this afternoon before suddenly setting a record high since January 19 to $ 37,050 an hour ago.
A 15.7% jump is seen happening in 15 minutes.
Not sure what prompted BTC to rise sharply but it is believed that Satoshi Nakamoto's asset prices rose after Tesla and Space X founder Elon Musk changed his bio information on Twitter with ‘#bitcoin’.
Undoubtedly, the Bitcoin community is keen for Musk to join as an investor but the world millionaire is more comfortable appearing as a supporter causing a surge in the price of cryptocurrencies, much like Dogecoin (DOGE).
Not sure how far this Bitcoin spike will last.
In the latest analysis CryptoQuant “Exchange Whale Ratio” shows that the top 10 bitcoin inflows in an hour divided by the volume of exchange inflows have risen to an eight-month high, 0.88 today, signifying the potential depreciation of BTC.
CryptoQuant CEO Ki-Young Ju via Twitter tweet explained that Musk's tweet was considered to have overcome all other currency prices.
The recent price spike also marked an increase from the trading range of $ 30,000 to $ 35,000, indicating a lot of asset purchases.
At the time of writing, BTC is trading at $ 36,629, up 16.7% in 24 hours.
