On July 23, 2018, Bitcoin prices broke resistance at two-month highs and added $18 billion to its market cap in under a week.
Taking to Twitter, Mati Greenspan, Senior Market Analyst at eToro social trading platform expressed optimism for the future price action of Bitcoin following its recent rally.
We might just be on the cusp of the largest bitcoin bull run in history.
While altcoin prices remain stagnant, Bitcoin has dominated market growth this past month.
According to the Bitcoin dominance chart, which tracks the percentage of total market capitalization occupied by leading cryptocurrencies, BTC rose in the past three months from a 36% dominance in early May to nearly 47% at press time.
Over the last seven days, Bitcoin prices increased over 20% - indicating a potential breakout towards the next resistance level at $8000.
The news follows a recent report revealing that the Bitcoin hash rate, which indicates the volume of Bitcoin miners on the network, has been amplifying since the beginning of 2018 despite a multi-month price decline.
"Bitcoin has historically traded at 2.5 times its mining. costs. The reason bitcoin looks really good here is the cost of mining. around $7,000 fully loaded. And the difficulty is rising. So by the end of the year, it's going to be $9,000."
Adding to the list of potential catalysts, a looming Bitcoin ETF has retail and institutional investors on their toes awaiting a bull run breakout.
With the launch of a Bitcoin ETF, an influx of incoming institutional investment could drive rapid growth in cryptocurrency prices and the overall sector.
Senior Market Analyst at eToro: 'Bitcoin on Cusp of Largest Bull Run in History'
Publicado en Jul 24, 2018
by Cryptoslate | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.