BTC Prices surge past the $3900 mark as it clocks in more than 8.31% growth in the past 24 hours. Various altcoin markets have also shown signs of positive movements after weeks of near stagnation.
Among the top 20 cryptos, the highest gainers in a 24 hour time period are EOS with a 23.73% growth, Bitcoin Cash (BCH) with a 20.48% growth, while Litecoin (LTC) and Ethereum (ETH) clock in at nearly 14% and 15% growth respectively. Among these, it is Ethereum that has performed particularly well as it bounced back from a yearly low of just $103 in early February.
BTC Prices Graph VS Ethereum (ETH)
At 9.8 billion dollars, this is so far the highest 24-hour trade volume that Bitcoin has seen in 2019. The last time the 24 hour volume reached this high was close to a year ago, back in April 2018. Experts are citing three significant recent events as the rationale behind the surge.
First, the announcement from investment giant JP Morgan about issuing their own cryptocurrency — JPM Coin. Secondly, the announcement from the Argentinian government of accepting Bitcoin payments in exchange for the goods sold to Paraguay. Whereas the third factor an announcement from the Japanese e-commerce giant Rakuten, who expressed interest in accepting cryptocurrency payments.
Combined with all these recent events is the fact that a Bitcoin ETF may soon become reality in as little as 45 days from now. NYSE Arca and Bitwise filed a rule change proposal earlier this year for 5 distinct Bitcoin ETFs for both bear and bull markets.
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