The moment every bitcoin investor has been waiting for is finally here. After a slumping series of prices over the last 7 months, Bitcoin is finally moving up, and it’s taking 99 of its best friends along for the ride.
In the last 24 hours, every one of the top 100 coins by market cap was in the green, with 84 of them posting gains of over 5 percent. At the time of writing, BTC was sitting at $7,310, up 14 percent in the last 7 days and up almost 10 percent in the last 24 hours.
Elsewhere, other coins ether, ripple, lite coin, and bitcoin cash have all added between 5% and 10% over the last 24 hours, according to CoinMarketCap data.
As a result of the near $600 price jump, BTC added some $9 billion to its market cap in a matter of minutes.
Bitcoin is quickly moving back toward early June norms around $7,500, though may meet resistance at $7,750. In March, BTC dipped below the $10,000 mark and it’s been unable to mount a rally back above that level in the months since.
So what could be the governing factors leading to the bitcoin boom in such a short span of time?
Several technical analysis experts have done a good job of analyzing the general direction of the price of Bitcoin in the coming months. But technical analysis goes hand in hand with current events that affect the crypto-markets.
Asset manager BlackRock created a working group to examine blockchain and cryptocurrencies, though its CEO cautioned that he hasn’t observed “huge demand for cryptocurrencies.”
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, said,
“From events like Coinbase receiving approval to list security tokens or their recent announcement that they’ll expand their token selection, to BlackRock taking a formal look at crypto assets; the red carpet is continually being rolled out for institutions to enter the crypto asset management arena.”
The ongoing expectations from SEC that it will approve the Bitcoin ETFs filing by the CBOE has also been a major governing factor. This is due to the fact that previous ETFs were filed during a period when the rest of the world had not shown signs of regulating the industry.
At the moment we have the following countries that have passed laws and/or expressing their will to do so: Malta, South Korea, Japan, Canada, Germany, Thailand, Philippines, just to name a few.
The institutional investors are slowly trickling in to invest in the crypto markets. Coinbase has even introduced its Custody service to securely store the digital assets of high net individuals and the said institutional investors.
Billionaire Steven Cohen, the founder of Point72 Asset Management, is reportedly getting on the bitcoin bandwagon with an investment in crypto hedge fund Autonomous Partners.
At press time, Bitcoin is the biggest gainer among the top 10 cryptocurrencies by market capitalization and is reporting a 16.19 percent week-to-week price increase, according to price tracking site CoinMarketCap.
Other major cryptocurrencies are following suit – a usual occurrence when bitcoin prices surge. Names like XRP, EOS, and litecoin (LTC) are all printing gains above 6 percent.
Also Read:- Bitcoin Price Predictions For 2018 By Various Bitcoin Experts
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