Bitcoin has found itself in the throes of a firmly established bull market over the past several months, surging from its 2018 lows of $3,400 to highs last night of $13,000, which is only a stone\u2019s throw away from BTC\u2019s previously established all-time-highs of roughly $20,000.<\/p>\n
Importantly, the aggregated crypto markets have not incurred the same upwards momentum that Bitcoin has and are mostly remaining stagnant around their current prices. Nevertheless, investors are now searching for answers as to why Bitcoin is surging, and one economist is now offering an explanation.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up nearly 18% at its current price<\/a> of $13,400 and is up significantly from its 24-hour lows of $11,300 that were set yesterday.<\/p>\n BTC\u2019s latest move upwards marks a significant continuation of the massive influx of upwards momentum that the cryptocurrency incurred after it moved above $10,000, and appears to confirm that it is currently in a firm uptrend that will likely extend significantly in the near-future.<\/p>\n Now, many investors have been left scratching their heads as to what could have sparked this momentum after a dark year filled with technical damage and consistent losses, and Alex Kr\u00fcger, a popular economist who focuses primarily on cryptocurrencies, believes the reason is actually quite simple.<\/p>\n \u201cThe cause is simple: aggressive buyers crossed the bid-ask spread and overpowered both passive and aggressive sellers. Based on price action, there were aggressive buyers with deep pockets in action last night. There was no specific trigger known to anyone outside of them,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n The cause is simple: aggressive buyers crossed the bid-ask spread and overpowered both passive and aggressive sellers. Based on price action, there were aggressive buyers with deep pockets in action last night. There was no specific trigger known to anyone outside of them.<\/p>\n — Alex Kr\u00fcger (@krugermacro) June 26, 2019<\/a><\/p><\/blockquote>\n\n