The Bullish trade in Bitcoin (BTC) which saw the cryptocurrency rise beyond $10,500, is starting to stutter.
Saturday’s volatile trading in the crypto markets saw Bitcoin make its single largest one-day percentage increase since way back in February 2014.
Over the past 24 hours, the granddaddy of all digital currencies had traded in a range between $8,565.0 to $10,540.0. However, having hit $10,540.0 there has been a slight pullback with Bitcoin (BTC) currently trading at $9306.70, an increase of 24.33% on the day.
Despite the soaring price on Saturday, Bitcoin is still only 22% up on the week and 46% down from its all-time high of $19,870.62 set on December 17th, 2017.
The meteoric rise has generally been attributed to remarks by Chinese President Xi Jinping. The Chinese premier said on Thursday that the world’s second-largest economy should accelerate the development of blockchain technology as the core for innovation.
Today’s (Saturday 26th October run in Bitcoin (btc) represents a massive reversal from Wednesday’s low of $7,329.20.
Other Cryptos in a Sea of Green
It wasn’t just Bitcoin (BTC) enjoying the bullish sentiment, other cryptos are seeing strong gains. At the time of writing, Ethereum is up 10%, EOS up 13.69%, LTC up 11.95% and BCH up 18.59%.
