Bitcoin price became the only topic of interest for markets inside and outside cryptocurrency April 2 after Bitcoin hit $5000 for the first time in 5 months.
Bitcoin Price Hits $5k In An Hour
Data from major cryptocurrency exchange Bitstamp, which delivers one of the more conservative Bitcoin price feeds, showed a dramatic climb for BTC/USD during the night of April 1.
In a period of just one hour, Bitcoin managed to gain 22 percent, reaching a high of almost exactly $5000 before correcting.
At press time, BTC/USD was hovering around $4700, but volatility remained as commentators attempted to understand the impetus behind the move and its future implications.
Brief theories from the cryptocurrency industry did not initially highlight a specific factor which caused the Bitcoin price to climb half way back to its pre-November 2018 levels.
At that time, as Bitcoinist reported, it was the knock-on effect of a contentious hard fork in altcoin Bitcoin Cash which sent the price tumbling from around $6500 to a low of $3130 some…