Photo: Coin Telegraph
(Coin Telegraph) - The price of Bitcoin surpassed $34,700 to achieve a new all-time high after a strong overnight rally. Ethereum, the native cryptocurrency of the Ethereum blockchain, also surpassed $800 for the first time since May 2018.
Bitcoin’s sudden rally comes as a surprise because it corrected sharply to around $30,300 on Jan 2. Within 24 hours, BTC rose from $30,300 to as high as $34,778, a 14% rebound.
BTC/USD hourly candle chart (Bitstamp)
What triggered the Bitcoin and Ethereum rally?
When the price of Bitcoin surpassed $33,000 on Jan 2, some whales and high-net-worth investors warned that a 150 BTC sell order could retrace the market.
The main catalysts behind Bitcoin’s rally have been the institutional accumulation of BTC on Coinbase and the short squeeze on Binance Futures.
Throughout the past three days, Bitcoin has been trading much higher on Coinbase than on other major exchanges, as Coin Telegraph reported.
This means that aggressive buyers on Coinbase were continuously accumulating BTC despite the premium.
Read more from the original article here.
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