Bitcoin has had one of the most remarkable increases on Tuesday, rising close to 10%. The digital token surged by more than $600 in just 30 minutes after experiencing a substantial spike in its volume.
The cryptocurrency has been experiencing a highly volatile trend. By the end of 2017, it hit the mark of $20000 per coin but has struggled to maintain a price above $10,000 a coin in the following months until now.
On Tuesday though, in less than an hour, the price of five tokens: Bitcoin, Bitcoin Cash, Ether, Ripple, and EOS surged by 6-10% as the overall valuation of the market jumped up from $272 billion to $292 billion, rising by more than $20 billion.
Among all the tokens, Bitcoin and EOS have been the best performers, rising by nearly 10% in a short period of time. The surge has been caused by a pipeline of positive events, including the decision of South Korea to open up its cryptocurrency market.
Previously, Bitcoin had surged this high on April 9, when its price soared from $6,900 to $8,000 within 30 minutes, only to be differed by the volume in the market.
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs must evolve its business and adapt to the environment” said David Solomon, Goldman Sachs CEO.
The company is preparing to come up with a cryptocurrency trading platform. Bitcoin is expected to ascend further from $7,370 in the coming days.