Bitcoin, the world’s largest cryptocurrency, just witnessed an amazing 6.6% jump in its value, effectively pushing the price of the digital asset over the $6,600 mark after quite some time.
After a slow start on Tuesday, BTC started witnessing immense market movement at around 01:00 UTC. As a result of this sudden increase in market interest, the cryptocurrency leaped $428 within the span of just 20 minutes.
However, since experiencing its mini bull-run, the price of the digital powerhouse has settled and currently sits around the $6,700 mark.
A Closer Look at the Matter
As things stand, Bitcoin seems to be undergoing a resurgence of sorts, after witnessing a sluggish financial run all through August, this latest momentum could potentially be attributed to the Bitcoin ETF news that has been doing the rounds on the internet over the past couple of weeks.
If passed, the creation of a Bitcoin ETF could signal the start of a new era for cryptocurrency.
In any case, the total market capitalization of BTC has increased by a staggering $11 billion within the space of an hour— thus symbolizing an injection of much-needed capital within this financial space.
As the crypto market continues with its dynamic ebb and flow with each passing day, one can only hope now that the market as a whole starts to stabilize and thus return to a more normal state of affairs in the coming weeks.