3 Reasons The Bitcoin Price Went Past $9K Today

The price of Bitcoin (BTC) has grown again and broke the $9,000 milestone today, which is the second time this month. After the fall down from that level in the past week, there was a reversal of all losses. Hence, what is to blame for the change in the movement of Bitcoin (BTC)? In our bitcoin news today, we find out the 3 reasons why the price of the benchmark cryptocurrency went past $9,000 today.

The Lunar New Year has an effect on the trading volumes of Bitcoin (BTC) because of the few days off that Chinese traders take to celebrate their holiday. Besides the fact that crypto trading is banned in China, workarounds whereby traders use other Asian markets makes their working or not quite important in the bigger picture. Let’s see some of the other 3 reasons for the price increase.

The CEO of BitMEX Arthur Hayes predicted that volatility and trade volume would experience a ‘nose-dive’ because of the New Year. Certainty in the week before the New Year, the trading volumes dropped by 50%, as the price of Bitcoin (BTC) followed them down from $9150 to the level of $8325 on Sunday.

Since the level of 48325 reached on Sunday, the trading volume has regained almost all of the value that was lost in the previous week, and prices have grown consistently to show that increase. While the Coronavirus has the meaning of an extended holiday form most of the Chinese population, the orders to stay at home do not have the same influence on people that work outside the law.
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The last few days have experienced growth throughout the whole cryptocurrency market. With this amount of new money injected into the market, it is only understandable that the price of Bitcoin (BTC) will experience certain benefits.

As DC Forecast reported on a previous occasion, that the total crypto market capitalization has grown by something above $17 billion in a time span of 48 hours. The growth was continued at a more consistent and modest rate from then onwards, nonetheless, the market capitalization is short for $1.2 billion to reach the important $250 billion milestones. The cryptocurrency market capitalization experienced this level in November of 2019, during the bear market that lasted seven months when crypto prices were on the downward direction from their highs in the 2019 late-summer. Reconquering this level is a strong indicator that the trend had made U-turn and that a bullish cycle is once again to be seen.