It’s been an agonising wait for the Bitcoin and cryptocurrency community, as the Bitcoin price has finally crossed back over the $8000 mark. The first time in over 60 days since it fell below $8,000 on 22nd May 2018.
Data from Coinmarketcap.com shows Bitcoin dominance is around 46%, the highest it’s been since December 2017. The sudden price increase for Bitcoin suggests that new money could be flooding into the cryptosphere. The majority of altcoin prices are still stagnating at the moment, and with Bitcoin still as the main point of entry for most cryptocurrency investors, the rising price could be the end of the falling prices seen throughout 2018.
It’s a good sign for Bitcoin, with the price increasing consistently over the past 7 days, indicating the market is showing good signs of recovery.
Although the price has seen a 20% recovery the past week, it’s still over 58% lower than the current all time high (ATH) price on December 17th 2017.
Amid speculation over proposed Bitcoin ETF’s which are expected to provide an entry point for ‘institutional money’, many traders, CEO’s and cryptocurrency influencers are predicting the next price surge to be just around the corner.
Earlier in the week CBOE (Chicago Board Options Exchange) filed an application for the following:
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust
We reported the the SEC are seeking feedback on bitcoin ETF’s, it is since been reported that they had so far received over 90 replies from the public.
Coinbase, the USA’s largest cryptocurrency exchange yesterday (23rd July 2018) launched a huge advertising campaign across the majority of Social Media platofrms.
Other reasons which may have sparked this cryptocurrency bull run include the fact that Mastercard may be about to enable bitcoin transactions. It has also been reported that the world’s largest asset manager BlackRock may be looking into cryptocurrency.
Let us know your thoughts using the hashtag #takeoff
— bitGuru (@bitGuru_) 24 July 2018