Bitcoin (BTC), still the top-ranked cryptocurrency, managed to land a major rebound during the last several days, which provided BTC with 16.7%.
Moreover, on May 10th, Bitcoin is still rising by over 5%, representing a definite top gainer on the list of top 30 cryptocurrencies.
How come Bitcoin made it to a new 8-month high price and will Bitcoin manage to stay above the price level of 6,000$ and 6,300$?
Why Is Bitcoin Rising While the Rest of the Crypto Market is Going Down?
Bitcoin has touched the highest value since mid-November before the massive dip that took around half the value of all cryptocurrencies combined.
With frequent price cuts and a prolonged crypto winter, Bitcoin has had a hard time, going below 5,000$, however, it seems that the situation for the top crypto is slowly but steadily changing.
Not only that Bitcoin made it above the price resistance of 6,000$, recording 6,313$ per BTC on May 10th, but the top digital asset also succeeded in increasing its market dominance over the rest of the cryptocurrency.
This is the case because Bitcoin is one of the rare top cryptocurrencies, at least on the list of top 30, showcasing progress, with 20% up during a 30-day period from April 10th to May 10th, 2019.
Bitcoin’s frequent and even stubborn rebound is a living proof that investors are slowly regaining trust, not in the cryptocurrency market in general, but primarily in Bitcoin, the top currency.
This is probably the most realistic reason behind the latest surge of BTC in oppose to USD and the rest of the crypto market.
Bitcoin Steadily Rising Despite Binance Hack Fiasco
The top and the biggest cryptocurrency by market share and market capitalization set at over 111 billion dollars, was a subject of the latest controversy regarding Binance hack attack.
However, even though around 40 million dollars in BTC was stolen from the popular crypto exchange, which is around 7,000 units of Bitcoin, the first crypto continues to rise.
Changpeng Zhao, or simply and more popularly known as CZ, stated that Binance is investigating the latest hack attack that took place on Wednesday, May 8th, also starting a debate on reorganizing Bitcoin blockchain in order to retrieve the stolen funds.
The hackers that executed the attack on Binance didn’t steal any crypto other than Bitcoin, and what is perhaps the strangest thing in this case is that the value of Bitcoin is not deflating as a negative side-effect.
The usual case suggests that a hack attack and stolen crypto units would naturally spark a downward trend in Bitcoin’s price, however BTC gained 7% in the midst of the Binance hack fiasco.
As far as CZ’s suggestion about reorganizing BTC blockchain, which would as a consequence change the very nature of Bitcoin, Binance’s CEO was fairly criticized, while the famous crypto expert, Andreas A, suggested that those who fail at security should suffer the consequences.
Binance will definitely need to find a solution for retrieving the stolen funds, however, Bitcoin remains unaffected, continuing to rise.