Crypto Mega Breakout - 56 billion dollars in a few hours !!

[SummerBliss]

Most of the people think that cause of this sudden rise in prices is due to statement of China's president relating to adoption of blockchain technology in their system which boosted the investmemt and huge investments were made increasing the prices but for me more important is that after such a long period we have seen such huge pumps and prices are over $9500 and rally was seen in altcoins also and now we will see bull run in the market.

[Kakmakr]

Well, I know one thing for sure... I will look closely to what is happening with the Bakkt trading volume in the future. Those guys somehow got some inside knowledge that the Bitcoin price is going to skyrocket, because we saw a 600%+ increase in the Bakkt trading volume, just a day or two before the price spiked.

The people seem to forget that it went down with over 80% from the all time high of 2018, so a 20% increase is not a huge thing for most of the people who bought at the all-time-high. 

[Sahyadri]

There are different reasoning from different people/experts. But there isn't any specific reason for the breakout. The earlier fall came from the news of quantum computers. People are saying Xi Jinping comment on blockchain was a reason but that was specifically about blockchain and bitcoin wasnr mentioned anywhere. I doubt that to be a reason for the pump. Many are saying that volumes were fake. I think it is more of manipulation from the big players as no new money entered the market.

[eaLiTy]

2. Because they follow BTC, and then there is some fomo.

Fomo is not the reason for the value of BTCitcoin going down and then rising in a short period of time, you already mentioned that Bakkt recorded a record volume and so does the rest of the future market, so it is evident that the future market is behind these crazy breakouts

China president appreciated blockchain technology, may be that was the cause.

The Chinese president appreciated blockchain technology but it can be used to monitor each and every transactions and they will adopt the blockchain without thinking twice but it has nothing to do with BTCitcoin and that is the difference, so these volatility has nothing to do with these market events.

[airdnasxela]

OP, I can feel your excitement by just reading your post.
But everyone's been talking about this. Primarily the reason why there's a sudden surge is when the president of China give a statement being positive about blockchain technology, and the plan of creating their own cryptocurrency. We don't know if that's actually the reason but after the Chinese president stated it, the price suddenly went up so everyone's assuming that it's the cause.