Bitcoin Up 40% in 1 Month: What's Triggering it and How Far Can it Go?

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The bitcoin price has surged by a staggering 40 percent in the past 30 days.

The bitcoin price has continued to move past key resistance levels, ultimately reaching $5,600 in most major markets and stabilizing at $5,500.

Bitcoin is up 40 percent in the past 30-days and has recovered to its 2018 4th quarter levels.

One potential stimulus that may act as a catalyst for the next major upside price movement of bitcoin is the rapidly rising volume of the CME bitcoin futures market.

23, Matt Hougan, the Global Head of Research at Bitwise Asset Management, reported that the volume for the CME bitcoin futures market on April 22 surpassed the daily spot BTC volume of Binance, the largest cryptocurrency exchange in the global market.

"Yesterday, the volume of CME bitcoin futures exceeded the volume on the single largest spot bitcoin exchange: $379m vs. $257m."

Throughout the past year, the potential impact of the regulated US bitcoin futures market on its price trend was largely dismissed due to the overwhelming amount of trading volume that is faked on crypto markets.

Bitwise, in its presentation to the US Securities and Exchange Commission, reported that 95 percent of the volume in the cryptocurrency market is fake and that only 10 exchanges have real BTC volume exceeding $1 million per day.

B. Likely motive is listing feesC. Real daily spot volume is ~$270MD. 10 exchanges make up almost all real trading.

The real daily volume of the bitcoin market calculated based on the ten exchanges listed by Bitwise has increased from $270 million in early March to $661 million according to OnChainFX, a more than two-fold increase over the past month.