Expert: Bitcoin course “ridiculous” after record growth

Bitcoin price just before the next step

The Coin360 data indicates that the volatility for Bitcoin on Monday remains relatively high. There have been fluctuations between 9,100 and 9,900 US dollars in the last 24 hours.

On Friday, the news that China officially welcomed blockchain technology apparently rekindled enthusiasm in the crypto currency markets. After several days at 7,400 US dollars, the BTC/USD price suddenly shot up and reached a high of almost 10,500 US dollars on Saturday morning.

By the time it went to press, it had settled at 9,400 US dollars. That is an increase of 25 percent over 3 days.

Cointelegraph reported that a large Chinese National Bank had invested in a Bitcoin Wallet provider. Thus China has once again heated up the mood at the beginning of the week.

Despite the noticeable enthusiasm on the market, however, not everyone is convinced that the new highs are sustainable.

 

“The chart looks really ridiculous right now and the CME will open with air to the top if prices stay that way,” says Cointelegraph employee filbfilb on his Telegram channel at the weekend.

Filbfilb added that he expected the BTC/USD pair to reverse at around $8,800.

 

Altcoin markets clearly divided

The Altcoins were also able to maintain higher levels after shooting up – just like Bitcoin. However, Chinese projects performed best.

Both Tron (TRX) and NEO (NEO) performed significantly better than the average of the top 20 crypto currencies. They have both risen by 23 percent in the last 24 hours. Tezos (XTZ) and Zcash (ZEC) also achieved growth of 8 percent.

Ether (ETH), the largest Altcoin by market capitalization, only recorded growth of 1.5 percent to 182 US dollars on Monday.

The total market capitalization of all crypto currencies rose to 250 billion US dollars. Bitcoin’s market share is 68 percent.