Bitcoin

Bitcoin Back in Dominance – Crosses $7,700

2018 has been sluggish for Bitcoin, but the crypto world can finally rejoice with a big bounce of Bitcoin in the past week. It finally broke the $7,500 barrier today, something which has been continuously being worked upon by the market.

According to CoinMarketCap the Market Cap of Bitcoin is $132,104,791,907.

At the time of writing at 10:16 UTC on the 23rd of July, Monday, the price of Bitcoin was $7710. You will notice in the graph above at the end of the day of 17th July; Bitcoin saw an increase from the $6800 mark straight towards the $7400 price level.

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July 17th witnessed a volume increasing from $4.242 Billion straight adding another 1 Billion in a few hours thanks to new money coming in. Thus an increase of 8% in prices.

The previous resistance level as seen above in the graph was $7400 and once this was passed, moving passed $7500 seemed like a breeze. Next barrier to break which looks pretty positive right now is $8000.

Positive Signs for Bitcoin

In the last six months, Bitcoin has only shown signs of slumps. Finally, it is showing levels of being corrected which is ideal for the digital coin.

Institutional money is floating in and is going to stay with Bitcoin.  It has been prayed for new fiat to help increase the prices. However institutional investors look for a suitable regulatory framework, and thus with specific regulations being clearer such as Bitcoin and Ethereum not being securities it places trust in the system for the more prominent traders.

Consumer confidence, investor protection, and transparency are the keys to establishing a system for institutional investors to get in on the Bitcoin wave.

Institutional investors love the crypto market, especially with safe solutions such as custodial services. Coinbase, for example, has created a custodial service by providing cold storage for broker funds, which helps security.

Overall the bulls are going to keep driving the prices upwards, the retail investors do not want to get stuck into FOMOs, and institutional money is aggressively arriving in the cryptocurrency markets.

Do you think the trends will continue? If not, let us know your reasons!

Image Source: “Flickr”

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.