BTC is currently trading at around $8,118, up by almost 18 percent over a 24 hour period to press time.
ETH is up by over 22 percent over a 24 hour period to press time, currently trading for around $513.
All of the top ten coins on CoinMarketCap are in the green, all with gains of more than 10 percent on the day. IOTA has seen the most growth, up more than 35 percent over a 24 hour period and currently trading around $1.42.
Total market cap is now solidly above $300 bln, at around $323 bln by press time, having jumped around $52 bln since yesterday.
According to Miguel Shwiezer, the co-founder of hedge fund Quantia Capital, the price jump caused short sellers to close positions, “spurring a waterfall of buy orders.” Bloomberg writes that there were more than 38,000 Bitcoin shor positions as of April 12 on Bitfinex, and short positions have now dropped to around 24,000, according to data from TradeView.
In response to the relatively unexpected price rise, crypto Twitter has responded with a variety of memes and jokes. Cypherpunk Jameson Lopp posted a screenshot of two news articles claiming that BTC’s price was unlikely to rise:
Twitter user CryptoSqueeze posted a gif of unexpected monetary gain via the computer:
And Twitter use CarpeNoctom posted that he couldn’t remember if BTC’s price over $7,500 was “good or bad”: