The bull market continues its frenzy. Today Bitcoin reached a two-year high ($685 in Bitfinex), and the rally rippled waves across the Cryptocurrency market. Ethereum reached a new all-time high (in the ETHUSD FIAT pair).
The market experienced a great deal of volatility, traders on the bull side found bids and pushed the price high enough to create a $87 daily green candle, approximately 114,100 Bitcoins were traded yesterday on Bitfinex.
The market capitalization of Bitcoin has reached $10 billion and a 24-hour volume of $245 million (Data via CoinMarketCap). Reasons for this spike in valuation responds to a tremendous buy pressure from Chinese markets, seeking for a more strong currency, as Yuan keeps devaluating.
The Block Halving Event is another decisive factor. There has been extensive debate about this topic, with many raising the concern that a failure to drive the price higher could cause a ‘death spiral‘, Venezuelan-Panamanian trader Gerardo Mogollón told The Merkle:
Every asset traded in the world is affected by the law of supply and demand , if you effectively halve the amount of Bitcoins produced every 10 minutes the price will go up, there is just so much at