On January 12, bitcoin prices increased by 4.2% in a matter of hours.
Bitcoin was valued at $17,548 at 11:00 p.m. UTC. The asset was worth $18,287 at 1:00 a.m. UTC. Prices began to fall immediately after that high point, though it is unknown what Bitcoin's long-term price trend will look like at this time.
Bitcoin prices via Coingecko (times in PST)
It is unclear why Bitcoin prices surged so abruptly, as no major events or announcements occurred during the price surge.
Investors may have instead acquired Bitcoin in anticipation of impending events, such as Consumer Price Index announcements (CPI). The CPI statistics from December had a similar influence on prices last month, albeit after the fact.
The abrupt move might alternatively be the consequence of large holders' or “whales'” activities, in which case Bitcoin's ascent would be the product of individual trading decisions — rather than any huge events that could have a broad impact on the market.
Bitcoin's 4.2% price gain in the last few hours is greater than its 4.1% 24-hour price gain today.
Furthermore, Bitcoin's robust performance appears to have caught up with the rest of the crypto industry. The whole crypto market cap has increased by 3.3% in the last 24 hours, while Ethereum has increased by 4.9%.
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