Bitcoin price has seen a sudden surge amid buying in Ethereum and other altcoins.
This move can be explained by the ongoing bet between Terra LUNA founder Do Kwan and popular traders Algod.ust and GCR, who predict LUNA’s price will be lower than it was on March 14. Do Kwan, on the other hand, speculates that the altcoin’s demand will only increase.
Meanwhile, Bitcoin’s price has jumped 3% in the past 24 hours to hit US$42,300.
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Leading crypto analytics firm, Santiment, says surging Tether activity could be a key to understanding why Bitcoin is pumping. Traders speculate that LUNA price will be lower than it was on March 14 while Do Kwan argues that the demand for the altcoin will only increase and will be a catalyst for big price movement for the overall crypto markets in the near future.
According to the firm, Thursday and Saturday saw the most USDT active addresses interacting on the network so far this year.
Whether Tether’s surge in activity will result in a bullish or bearish market for crypto remains to be seen.
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Note: Growth from the 24 hours prior to 12:30pm AEDT
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