Bitcoin has started the day posting some gains. At press time, the largest cryptocurrency by market cap is trading at $28,971.44 (+2.16%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $745.91 (+1.08%), while XRP has risen by 8.08% and is now trading at $0.217.
According to analyst Alex Krüger, events in the bond market were are of the factors that have triggered the latest jump:
"Prices dropped for 48 hours before yesterday's bomb."
On Monday, the prices of 10-year US government bonds increased to 0.95%, and at midday on Wednesday they fell to 0.926%.
Chris Thomas, director of digital assets of Swissquote, describes what is happening as a "strong market." He says retail investors are now driving up the price:
"We've seen some institutional investors, but not many. Mostly on weekends until next Monday."
Thomas also said he expected a consolidation in the short term, and now, after another jump, he expects a correction.
Fairlead Strategies managing partner Katie Stockton said:
"Bitcoin maintains its parabolic upward trend after extending the Chicago Mercantile Exchange (CME) futures charts at the start of the holiday week. This rally has no new signs of exhaustion from an overbought/oversold perspective, nor is there any resistance left to keep Bitcoin going".
Stockton admits the possibility of a "sharp reversal" that will fill the gap in CME, starting at the $23,670 level.
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $764,207,809,329.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.