Bitcoin Flirts With $12,000 After Sudden Jolt Higher

0 — Bitcoin continued to flirt with the $12,000 mark following a sudden intraday surge on Monday.

Bitcoin rose 3.31% to $11,814 to remain near session highs of $11,911.

Bitcoin’s charge toward $12,000 arrived on the back of sudden $500 jolt higher intraday, with the traders struggling to single out a reason for the move. The general consensus among traders for the bitcoin’s rally since the turn of the year has been rising institutional demand.

”Bitcoin’s most compelling case for institutional investors may be as an uncorrelated asset to stocks, bonds, gold and oil, as bitcoin continues to demonstrate low correlation to other asset classes,” Canacord Genuity said in its “Bitcoin Monthly” report last week.

Monday’s bitcoin surge took some by surprise after many had expected the popular crypto to trend lower after closing below a key resistance of $11,500 on Sunday.

Bitcoin’s market cap, often used as a gauge of demand for crypto, soared to about $211 billion, up from $199 billion last week. Further fund inflows could help the popular crypto challenge its most recent peak of $13,929.

Other cryptos struggled to match bitcoin’s rally, delivering meager gains for the day. XRP gained 1.12% to $0.398, Ehtereum rose 0.31% to $305.94 and Litecoin added 0.91% to $119.93.

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