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Bitcoin surge in price on May 12 and May 13 surprised investors where the prices jumped 11 percent from $6200 to $7000 in 10 hours on May 12. The price surpassed $7900 on May 13 and the market capitalization increased 16 percent on the day to overall 59.8 percent of the total.
This was one of the highest since July 31. There is an assumption made by analysts that the price gains may have been caused by veterans, novice, traders or others who wanted to get liquidated on their shorts.
Since the rally has not been driven by the retail buyers, there are other assumptions made by the analysts who think the movement may have been caused by the coordinated trading strategies of some of the leading protagonists.
Even the other digital currencies - Ethereum gained 10%, Litecoin 14%, and XRP 4%.
The prices increased over 114 percent from the start of the year and almost 80 percent gains were registered in the last 50 days itself.
A $1000 gain was made for the first time since 2017 as it reached the critical resistance below $6400, and then, created a new yearly high at $7480.
In August 2018, bitcoins peaked where its resistance zone extended in the range of $7390 to $5791, and Yahoo finance claimed the new levels of gains by 17 percent ensured a rise in the price of all the five members of the Bloomberg Galaxy Crypto Index.
After the initial gains on May 12, CNBC expected the currency to pull back at $6000 barrier but BTC pulled just above $7000 and the total volume of the money surged $30 billion.
Most experts were expecting corrections at $1000 gains.
Cryptohamster predicted that in early April BTC may run to $7500 where it warned against a massive correction to $4300.
Morgan Creek Digital, the hedge fund that invests in blockchain, has made big price estimates where they predicted the gain to reach $20,000 very soon.
In an interview with BloxLive TV, the company's representative said that the price could hit $500,000 due to scarce supply and growing demand.
BTC worth $356 million was shifted from a single wallet to two different wallets where the transaction contained 48,000 coins.
Halving may have impacted the trades but the price gains came before halving.
Blockchain had informed the 14 largest wallets with 48000 balances on December 29, 2018, came to zero with the transaction.
Grayscale Bitcoin Trust (GBTC) that exclusively trades in the digital currency indicated an increase in institutional demand for the coins, where it said 80 percent of the investment in the last year came from accredited buyers and institutional players.
Experts and general investors remained unaware of the changes, as no such predictions were supporting the gains. Some assume the hike was mostly kicked off by some of the key players, where a player like Fidelity was launching its trading platform.
The company manages over $2.4 trillion assets and it opened opportunities for over 30 million customers. Earlier, it was difficult to gain access to institutional trading exposure.
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