Bitcoin is surging higher after weeks of consolidation. The cryptocurrency, currently trading for $11,430, is at its highest price since early September. In the past 24 hours, the cryptocurrency is up by approximately 5%, having traded around $10,900 on Thursday.
BTC’s strong surge higher is abnormal: just a day ago, the cryptocurrency was strongly underperforming altcoins.
Analysts on Twitter have commented that this is a sign that Bitcoin may outperform altcoins for a while. One fund manager in the space quipped that the “king is waking up and reminding everyone why it’s king.”
Bitcoin waking up and reminding everyone why it is king 🔥
— Pomp 🌪 (@APompliano) October 10, 2020
Analysts say that Bitcoin’s move higher is a result of spot market buying.
Mohit Sorout, a founding partner of Bitazu Capital, shared this chart below. It suggests that Bitcoin’s move higher is a result of spot market volume. This is evidenced by the premium