It was an eventful week for cryptocurrencies as the broad market saw its best rally of 2019 that sent most major coins to price levels last seen in November 2018. Bitcoin (BTC) soared by more than 22% during the week and the major coin is trading just below $5,000! Bitcoin Cash (BCH) was the biggest benefactor of this week’s cryptocurrency rally, meanwhile, as the major altcoin appreciated nearly 70% from last Friday to about $285 – from its low in December, BCH is up more than 270%!
Although there are several theories as to what drove the breakout in crypto asset prices this week, industry experts have yet to reach a consensus answer. What is perhaps the most popular theory suggests that an order for 20,000 BTC, placed across 3 US exchanges and worth about $100,000,000, spurred the breakout in crypto asset prices. An article from Bloomberg, meanwhile, theorizes that algorithmic and quantitative crypto trading magnified the breakout in crypto prices – since September 2018, 17 new algorithmic and quant funds have entered the cryptocurrency industry.