The past hours have seen the price of Bitcoin dramatically increase. What’s more, this sudden Bitcoin price increase comes as the entire cryptocurrency market capitalization bounces back. This comes as Litecoin has made significant gains in the past weeks – and Facebook’s crypto project white paper looms.
Bitcoin price rallies past $8,600
At the time of writing, Bitcoin is trading at a price of $8,675. This puts the price of Bitcoin within striking distance of the psychologically important $9,000 barrier. As such, the past weeks’ brief hiatus in the ongoing cryptocurrency rally seems to have come to an end.
In addition to the gains seen by Bitcoin, the rest of the cryptocurrency market is also in the green today. The total crypto market cap is at $272.9 billion. As such, the crypto market bull run appears to on once again.
Those watching the markets will likely be intrigued as to why the cryptocurrency market has seemingly launched back into full bull mode. A recent Forbes article suggests that the sudden increase in crypto prices is influenced by the recent gains by Litecoin.
The Forbes piece details how Litecoin has surged heavily during the past months. The altcoin, which Forbes describes as one of Bitcoin’s main rivals, has increased over 300% so far this year. Earlier this week, the eToro analyst Mati Greenspan announced that Bitcoin may see a rise following the recent Litecoin gains.
”If litecoin is indeed the leader, let’s look out for a bitcoin breakout this week,” Greenspan tweeted. It will now appear that Greenspan’s prediction has come true, as the price of Bitcoin has increased dramatically.
Could the price increases be linked to Facebook’s upcoming announcement?
Nevertheless, some analysts are also pointing towards the recent news that Facebook has partnered with major firms as a catalyst for the recent crypto rally. Yesterday saw news break that Facebook had attracted investments from companies such as Uber, PayPal, Visa, Mastercard and others to its upcoming cryptocurrency project.
Rumors indicate that Facebook’s crypto project white paper will be released to the public on June 18th. As such, growing expectations for the social media giants entry into the crypto world could likely have played a part in raising the trading prices of most cryptocurrencies.
However, it remains unclear exactly what brought about this recent Bitcoin price increase. It remains to be seen whether the price will continue to rise, or whether the market will consolidate the recent gains.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.