Bitcoin continues to rise, passes $8000 Mark

Continuing yesterday's bull run, Bitcoin passes through the $8000 mark

Ramy Caspi
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Continuing yesterday's run, the market has been trading cryptocurrencies with Bitcoin rising to $8121 (@ 10am GMT), a gain of $1245 compared to 24 hours ago and a two-week high and a gain of 13%.

Dramatic market movements are not unusual for cryptocurrencies as the market has been reactive to news and bans which have peppered the media; however, according to various sources, it appears short liquidation or unwinding of short (sell) BTC trades has played a big role in the sudden rally and traders have been prompted to bet heavily against - to short - bitcoin and other cryptocurrencies.

"We still feel pretty confident that bitcoin is a great risk-reward and we think it could reach $25,000 by the end of the year," Thomas Lee, co-founder and head of research at Fundstrat, told CNBC's "Futures Now" on Thursday.

Charles Hayter, an anylst was quoted by Forbes as saying"The bulls are back in charge,"  who pointed to Bitcoin's robust intraday gain and a short squeeze taking place on Bitfinex.

Some Traders are obviously confident in the currency, and from Thomas Lee's statement some traders are trying to promote the coins, and with this sudden spike in trade, Bitcoins' market cap has now increased to $130Billion.

Similarly, Etherium has broken through at $513 (@ 10am GMT), which was a gain of $89 when compared to yesterdays rate of $424 (@ 10am GMT). 

The sudden rally of trade, has seen most cryptocurrencies picing up in valuation, and it wont be a suprise if Bitcoin, breaks through the $8500 as the market swings.