Bitcoin Price Soars As Old Money Eyes New
At press time, the bitcoin price has risen by over ten percent in a mere 24 hours, edging toward $7,500 USD from the $6,500 levels of July 16th. After a bearish two months, the cryptocurrency market has sprung to life, enjoying its best day since April 9th.
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As Bitcoin Goes so Goes the Shitcoins
Among the top one hundred coins by market cap, only two are not firmly in the green for the past twenty-four hours, per Coinmarketcap. The entire cryptocurrency market has risen to a little below $300 billion, its highest level in almost two months. Tuesday evening saw a particularly dramatic price spike, with around $20 billion added to the crypto market cap in less than an hour.
EOS, Stellar (XLM), Cardano (ADA), Zcash (ZEC), and Ox (ZRX) all enjoyed percentage rises in the double-digits. It is noteworthy that popular American exchange Coinbase announced on July 13th it was considering adding five new coins to its crypto slate. Of those five, only Basic Attention Token (BAT) has not displayed double-digit price growth today. The other four are Stellar, Cardano, Zcash, and Ox.
Crypto Market Showing Signs of Life After Positive Signals
The cryptocurrency market has enjoyed a number of positive signals over the past week from institutional investors and identities. As reported by Bitsonline’s Jon Southurst from the Beyond Blocks Summit Seoul, famed hedge fund manager and bitcoin bull Mike Novogratz predicted yet again that institutional money is waiting to invest in the crypto space once security and regulatory conditions are conducive to non-retail investors.
Novogratz predicts the crypto market will reach heights of many trillions of dollars in market cap, an enormous leap from its current worth of less than half-a-trillion dollars.
Goldman Sachs — which is already partaking in the cryptoeconomy through the establishment of Wall Street’s first bitcoin trading desk — today announced the appointment of new Chief Executive David Solomon. Solomon is known to be more friendly to cryptocurrencies than his predecessor Lloyd C. Blankfein.
The company is also heavily invested in crypto payments startup Circle, which yesterday was reported by Bitsonline’s Paul de Havilland to be pursuing a banking license. Coinbase is similarly chasing licenses that would bring crypto one step closer to mainstream.
Will the Bitcoin Price Momentum Continue?
Cryptocurrency historians know too well not to take a bullish day for granted. July 17th has not been the first — nor will it be the last — dawn of a prolonged bull run. Only time will tell whether this dawn proves false or otherwise.
Disclaimer: The author is an investor in Circle.
Have your say. Is this the beginning of a longer bull run in the bitcoin price and the acceptance of crypto in mainstream financial circles?
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