Bitcoin Jumps 16% in an Hour, Ether is up 8%

Source: iStock/3DSculptor

On Tuesday morning, Bitcoin price suddenly jumped by 16% in an hour (05:29 AM), increasing its weekly gains to almost 18%.

Other top coins also registered strong hourly gains of 3.2% – 11.45%.

BTC price chart:

Bitcoin Jumps 16% in an Hour, Ether is up 8% 102
Source: coinpaprika.com

At the time of writing, bitcoin sits at USD 4.882 per coin, or the level last seen in November 2018. Moreover, bitcoin surpassed its 200 daily moving average, which is considered to be a very important metric in technical analysis.

Bitcoin just posted two-consecutive months of gains, having increased by more than 10% in the first quarter this year.

As reported, the Bitcoin bottom has already occurred, as there aren’t additional sellers coming, according to New York-based research and consulting boutique specializing in the digital asset market Delphi Digital.
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Top 10 coins by market capitalization:

Bitcoin Jumps 16% in an Hour, Ether is up 8% 103
Source: coinpaprika.com

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While it seams that no one can explain the unexpected strong rally, some crypto users are complaining that major crypto exchange Binance “is unusable”.

Binance CEO Changpeng Zhao tweeted, later adding that he’s “honestly clueless” what caused the rally:

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