Total market capitalization of cryptocurrency market has risen $12 billion in just an hour to reach $222.8 billion before dripping slightly to $216 billion by press time.
Bitcoin (BTC) had been stabilised around $6,400-$6,500 before saw a sharp spike of 5 percent in just 45 minutes, reaching around $6,790. The leading cryptocurrency has since dropped to trade at $6,666 currently, still up about 3.6 percent on the day.
Although Bitcoin has risen close to 4% for the day but the coin is down by more than 10% in this month.
The current price rise saw major growth for all cryptocurrency exchanges except one.
Amongst the top 10 Coins, EOS saw the maximum growth with more than 5.52 % change in last 24 hours, while being closely followed by Litecoin at 4.26 %.
The speculation for the price rise has been pointed out on Twitter by some upon the closure of trading on Bitmex, one of the major crypto exchange in market, for an hour at 1:00 AM UTC.
One such example of tweet came from the self-ascribed “crypto prophet” Beastlorion.
Intrestingly, BitMEX is also not listed on CoinMarketCap and Bitcoin’s price and volume averages because, as the coinmarket states on their website, “[t]he BTC/USD market on BitMEX is a derivatives market NOT actually spot trading Bitcoin. As a result, it has been excluded from the price and volume averages of Bitcoin.”