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Bitcoin (BTC) Surges Towards $9,000 as Crypto Market Adds $50 Billion in Two Weeks

Bitcoin with Dollar Banknote background

It’s been a bumper day for the cryptocurrency market so far today, with almost every coin up by a significant amount and still climbing.

In fact, the overall market has added nearly 30% in gains in just the first two weeks of this year. The incredible gains the cryptocurrency market has seen over the past few days means it has added over $50 billion in value, climbing from $190 billion on January 1st to current levels around $242 billion.

However, although the short-term gains are impressive, they only represent a recovery of losses over the past two months, bringing the flagging market back to mid-November levels. Looking long-term, the market is up by just over 100% since this same time last year.

All coins a winner

The massive winner of the day is Bitcoin SV (BSV), up 100% following the news that a final ‘key slice’ has allegedly been delivered in the Wright vs Kleiman case. Although the key has not been used yet, the BSV price appears to have preempted positive news and surged to over $400 in value.

Other coins doing well include fellow Bitcoin hardfork Bitcoin Cash (BCH), up 23%, DASH up 62%, ZCash (ZEC), up 28%, Litecoin (LTC), up 15%, and EOS, up 20%. Bitcoin, by comparison, is somewhat lagging behind with only 5% gains. Interestingly, a much lesser-known Bitcoin hardfork, Bitcoin Gold (BTG), appears to be somehow linked to BSV as it has achieved almost identical gains over the same time period, rising 105% and making it the biggest gainer of the day.

The $1 Billion Bitcoin transfer

Interestingly, another rather astounding event has occurred that is either coincidental or somehow inexplicably linked to the BSV news. Earlier today, 124946.622 BTC worth over $1 billion was moved from a Bitfinex cold storage address to an unknown wallet. It is highly unusual for an exchange to move such a large amount, especially to an unknown wallet, although Bitfinex has a history of bizarre transactions.

In many cases, a massive movement such as this would cause the market to drop but in this case, it appears to have only helped further. One impressive takeaway of the huge transaction is the tiny amount of fees involved – only 0.0096 BTC, or less than $85. The cost of sending that same amount via a traditional bank would be well in the millions of dollars.

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