Bitcoin Adds $4,000 Over Past 24 Hours, Going Above $38,000, Here's Why

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Thu, 01/14/2021 - 11:05
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Yuri Molchan
World's top crypto has soared as much as $4,000 over the past 24 hours, adding 10 percent to its market value; here's what analysts say about the reasons for it
Bitcoin Adds $4,000 Over Past 24 Hours, Going Above $38,000, Here's Why
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On Jan. 14, Bitcoin spiked approximately $4,000, adding around 10 percent, according to CoinMarketCap.

Now, the king crypto is trading at $38,271, having surged from the $34,000 area where it sat on Jan. 13.

BTC
Image via CoinMarketCap

Skew team explains BTC growth

Bitcoin market cap, according to CoinMarketCap, now totals $710,224,394,629, having surged from $694,069,582,194 overnight.

Analysts from Skew data provider believe that the Bitcoin rise has been caused by a decline in spot trading volumes.

BTC
Image via Twitter

Related Bitcoin Is New Prometheus, According to One of Biggest Hedge Funds
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Bitcoin Is New Prometheus, According to One of Biggest Hedge Funds

Saturn crossing Mercury is not healthy for Bitcoin

According to a Reuters article, there is a new 22-year-old astrologer (and Bitcoin investor) from TikTok that can predict Bitcoin movements: Maren Altman.

Having exposure to a whopping one million followers on the social media app, the young woman warned her followers last week to watch out for a Bitcoin correction on Jan. 11.

A coincidence or not but, on the very same day, Bitcoin suddenly reversed, dropping 21 percent to below $31,000.

Maren Altman explained the correction, saying that it was caused by Saturn crossing Mercury.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.