BITCOIN PRICE SPIKE: What on Earth is happening?

What is driving the altcoin frenzy and will it continue?

Bitcoin has just enjoyed an explosive price spike that has left the most seasoned observers scratching their heads.

Depending on what exchange you were looking at, the price had at one stage risen as much as 20% within the space of an hour to hit US$5,000.

Prices that high haven’t been seen since November and the spike brings to an end a three-month period of uncharacteristically low volatility for the digital currency.

On Twitter,  there are complaints the Binance website has slowed down by the sudden demand to buy.

Prominent Bitcoin expert Mark Jeffrey has tweeted “whoa I assume this isn’t April fools?”

“Everytime I hit reload, BTC goes up $100. This is insane!”

There is speculation short positions are being very quickly liquidated, fuelling the rapid rise in the Bitcoin price.

The CryptoBull has tweeted, tongue-in-cheek, “what if it never stops.”

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