Bitcoin Surges to $11,400: 2 Factors Influencing This Surge

Bitcoin Surges to $11,400: 2 Factors Influencing This Surge


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 🔥

Trending: President Trump Caught on Camera Tithing As He Attends Las Vegas Church This Morning

— Pomp 🌪 (@APompliano) October 10, 2020

Short-Led Rally

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

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