The world’s most prominent digital currency climbed to $50,352.00 around 3 a.m. EDT, CoinDesk figures show. Later, around 10 a.m. EDT, it reached $50,374.97, additional CoinDesk data shows. At this point, the cryptocurrency was trading at its loftiest value since May 15. Following these latest price moves, several analysts offered explanations for what caused the rally, as well as what bitcoin prices might do next.
Some experts pointed to information culled from the blockchain, which helped paint a bullish picture for bitcoin. “On-chain data shows that whales and long-term investors of all sizes have been accumulating in the range between $46,000 and $50,000,” said Sean Rooney, head of research at Valkyrie Investments. Bitcoin returning to $50K means investors are once again bullish on cryptocurrencies, but whether it continues will depend on a strong move above $50,000. With news and new information the main drivers for the market, any negative news could send it dramatically lower.
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