Bitcoin Rallies Beyond $8,000 to Reach 60-Day High
Positive market sentiment pushes the value of Bitcoin beyond $8,000 for the first time since May 24, 2018, sparking anticipation of a possible bull run as predicted by market analysts such as eToro’s Mati Greenspan.
Bitcoin prices surged by $200 on July 24, 2018, breaking the $8,000 level as trading volume increases. Data from TurtleBC demonstrates a rapid rise in total Bitcoin buy orders, with buy markets doubling from 10% to 20% in the last two weeks.
Bitcoin Dominates Market
The swift rise of value in Bitcoin is linked to a series of positive movements from regulators and media bodies that have reinforced investor confidence in the stalling cryptocurrency market. Pro-crypto regulatory announcements from South Korea and the dramatic growth of Bitcoin futures volume have bolstered market interest paired with a large amount of institutional capital into the cryptocurrency ecosystem.
Data places the “Bitcoin dominance rate” at nearly 47% as market participants accumulate BTC ahead of what is anticipated to be a positive decision from the SEC regarding the highly anticipated Bitcoin ETF proposal.
With the Financial Stability Board recently stating that Bitcoin and other cryptocurrencies do not pose a material risk to the global financial system, the regulatory outlook for the cryptocurrency market appears to be highly positive, setting the stage for the entrance of major financial players such as BlackRock.
While Bitcoin is currently down 53% from its yearly high of $17,000, the potential for a breakout places the most valuable cryptocurrency in a strong position to meet the predictions of financial analysts such as Fundstrat’s Tom Lee, who anticipates a $25,000 Bitcoin price by the end of 2018.
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