Hello friends,
what happened tonight surprised me a lot. It is well known that crypto is very volatile and can grow by 20% in just a few hours. But the breakout of tonight was insane and I can not understand it. Thats why I like to start a discussion in which the causes and effects are discussed exactly. The BTC price was sky rocking in about 16h hours from 7400$ to 10400$ and with the BTC price almost all Altcoins were following the rally. In fact, the total crypto market capitalization increased from 206 billion Dollar to 262 billion Dollar!! More precisly, 56 billion dollars in 19h pumped into the crypto market !!
actually I don't know much about the bitcoin mega breakout which has gone up so high in just a few hours I think there is also a possibility because the Chinese president now supports blockchain technology in his speech so people who hear the news might be interested in investing in bitcoin.Because if we see now bitcoin greatly affects other altcoin prices very often we notice that the price of bitcoin goes up then other altcoins also go up in price.