(Source: BitCoin Price Index, CoinDesk)
BTC’s prices rose by 5.9 percent on Wednesday, Feb. 5. It went up from $9250 to $9775, but settled down to $9559 after a small sell-off period.
In an article from CoinDesk, CEO of BCB Group said the recent moves in BTC were likely due to shallow market depth amplifying buyer bids.
Another factor to BTC’s current high could also be traced to the altcoin market, specifically from Ethereum. Su Zhu, Three Arrows Capital co-founder told CoinDeskthat futures for Ethereum will come within the year, while there have also been positive advances in both the base layer of Ethereum and ETH2.0.
The Messari Data shows that ETH’s 7-day short-term prices are up by 18.5% together with XRP, which has pulled BTC higher.