The price of Bitcoin hit $4,200 this Saturday, February 23 (18:00 +0 GMT), as cryptocurrency market recovers.
The most valuable digital currency had surged to as much as $4,230 at the time of reporting, after plunging to $3,900 earlier in the day, according to the data from Tradingview.
Because of this sharp increase, Bitcoin prices climbed roughly $300 or 4% in less than 1 hour.
While crypto market analysts identified several factors as pushing Bitcoin prices higher in 2019, here is a short list of the top causes:
1.BTC Contract Volumes on CME
According to the recently published data from the CME, there were 18,338 contracts recorded on Tuesday – the highest number ever and this positive uptrend still continues:
2.Eurex/Deutsche Börse cryptocurrency futures
As reported by a german publication Wirtschafts Woche earlier this week, European exchange, Eurex, is most likely to launch Bitcoin futures. The derivatives exchange operated by Germany’s Deutsche Börse will be offering Bitcoin, Ethereum and XRP cryptocurrencies.
3.Samsung S10 crypto wallet
As reported earlier this week much-anticipated flagship, Samsung Galaxy S10, will feature crypto wallet, that will enable device users to send and receive cryptocurrencies, such as Bitcoin or Ethereum. Althouh this is not a major factor driving Bitcoin’s price, the fact that one of the biggest electronic gadget manufacturers in the world, Samsung, is entering blockchain industry, might play a significant role when it comes to investors’ decisions.
4.JP Morgan announced the launch of JPM Coin
Recently, JP Morgan announced the launch of JPM Coin, which many see as direct competitor to Ripple’s XRP. This is a very significant move by JP Morgan and another major contributor to the crypto market growth.