Crypto Market Cap Gets $22 Billion Boost, $7400 Bitcoin Price Hits 5 Week High

The price of bitcoin skyrocketed throughout the day on Tuesday, hitting a high of $7,484.02 at one point during the day before settling to around $7,300.

It’s the highest price we’ve seen bitcoin hit over the past 5 weeks.

The majority of the gains took place in a short period of time. In less than one hour on Tuesday afternoon, the price of bitcoin surged nearly $700 after trading at around $6,700 for most of the day.

According to exchange data, bitcoin’s price spiked at $6,773 at 17:30 UTC, then rose to a high of $7,483 just 40 minutes later.

As we go to press, bitcoin continues to hover around $7,400.

Altcoin prices are up as well, with coin prices rising by about 8% to 10% across the board. Ethereum has one of the lowest gains of the day, gaining “just” 5%. Bitcoin Cash rose 5.60%, EOS rose 8.62%, Litecoin rose 7%, and Stellar Lumens rose 8%.

Why the sudden surge in the price of bitcoin? After weeks of bad news for the bitcoin community, we finally got good news yesterday when it was revealed that one of the world’s largest asset management companies, BlackRock, is exploring launching its own cryptocurrency products. The price of bitcoin surged about 3% on yesterday’s news, with that positive momentum carrying over into today.

The last time the price of bitcoin surged by such a strong margin was on April 9, when the price of bitcoin rose from $6,900 to $8,000 within 30 minutes. That rally would eventually lead bitcoin close to the $10,000 mark before subsiding.

We’ll see if this latest price surge sticks.

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