On Monday, the bullish trend set last week extended into the new week seeing Bitcoin breach the $8,000 mark. Today, the leader has gone on to extend this trend and hit a high of $8,200.
The latest move comes in the wake of some big news in terms of Bitcoin’s adoption. In the last couple of hours, Whole Foods, Crate and Barrel, Nordstrom, among other big retailers have been reportedly begun accepting payments in crypto- Bitcoin, Bitcoin Cash, and Ethereum. Could this have triggered the surge in the last 24 hours?
Latest Developments That Could Be Triggering The Bullish Charge
In addition to these top retailers jumping into the bandwagon, e-commerce giant eBay is also rumored to be considering adding crypto payments to their payment options. If eBay began supporting crypto, this could see the crypto market reach around 179 million users expanding on its adoption. eBay is rumored that it will announce its support during the ongoing Consensus, the biggest event in the crypto industry, which notably is being sponsored by eBay itself.
Bakkt has also announced recently that it plans to launch the much-awaited BTC futures in as early as June. This is expected to attract new investors, and in response, much hype has been emphasized over it.
These latest developments could well be triggering this surges and coupled with the fact that many investors now believe that this bull run was validated when Bitcoin jumped above $6,500 and could see Bitcoin hit new highs. Out of fear to be left out investors continue to pile up and buy more and more.
Altcoins Also Breaking Key Resistance Positions
Other top gainers in the last couple of hours have included Ethereum and XRP. Ethereum has been able to climb back above $200, a position it had previously tested during the weekend. XRP, on the other hand, has successfully broken out of its tight range of $0.30 and $0.34. At the time of press, XRP has climbed to a little above $0.40. Other coins which have seen price hikes of more than 10% include XLM, EOS, and Cardano.
The market has begun the week very strong and does not look like it will slow down any time soon. In the next couple of days, the current bullish momentum could easily see Bitcoin hit $10,000. This key position could see Bitcoin demand skyrocket, seeing prices surge through to $15,000 in a couple of weeks.