Bitcoin (BTC) is having a phenomenal 24 hours on the market; a bull run we haven’t seen from the digital currency in months. Let’s check in on the Bitcoin price.
Bitcoin Price Movement
Last week, Bitcoin had an unimpressive week on the market, but it seems to have turned itself around as BTC has seen over a 15% increase in just seven days. This doesn’t compare to the percentage gains the cryptocurrency was seeing towards the end of last year, but it’s a positive step.
This morning, Bitcoin gained over $10 billion in total market cap in just under an hour. The push by the world’s first cryptocurrency has caused the market to rise right along with it, and two altcoins, Cardano (#8) and Stellar (#6), are currently seeing percentage gains above 25%.
At press time, BTC is trading at $7,442.51 a coin, up 10.66% in 24 hours. Bitcoin hasn’t seen this price point in over a month.
The world’s second largest cryptocurrency by market cap, Ethereum (ETH), is also seeing percentage gains. At press time, ETH is trading just under $500 at $496.75 a coin, up 5.53% in 24 hours.
Crypto Positive News—Finally
For months, the main news circulating around cryptocurrency has been about hacks, regulations, and celebrity skeptics. The news has caused many investors to lose confidence in the cryptocurrency space and is the reason why the market has been on a decline since early May.
What might have turned it all around the past couple of days was the BlackRock announcement. BlackRock is the world’s largest exchange-traded fund and the company’s CEO announced that BlackRock was forming its own group to look into cryptocurrencies. This announcement hit the masses on Monday morning and caused Bitcoin (BTC) to spike nearly 6% instantaneously.
Yesterday, Bitcoin spiked 10% in less than an hour, and it was speculated that Goldman Sach’s CEO was to thank. News broke that his company is preparing to launch a ‘proper’ crypto trading platform.
This morning, Mastercard announced that it is filing another blockchain patent—which most likely aided the spike in Bitcoin further this morning.
How high will Bitcoin go? We shall see!
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