The Unstoppable: Bitcoin Continues to Rally Above $8,000

The Unstoppable: Bitcoin Continues to Rally Above $8,000

Since Monday, July 23 bitcoin cannot stop heading upwards, leaving all security and regulatory concerns slain which have weighed down the coin’s price in 2018.

As of writing, bitcoin’s price makes up $8,216, according to Coinmarketcap.com. That is 6.12% higher than just 24 hours ago.

Long Path to Recovery

After bitcoin fell down at the end of May 2018, plunging below $8,000, it fluctuated showing predominantly downward trends. On June 29, bitcoin saw its lowest mark within the pastime - $5,848 per unit. Struggling to creep even up to $7,000, the world’s most valuable crypto-coin failed, dropping to previous lows before.

Finally, on July 18 bitcoin surpassed the $7,000 margin and continued rallying this week, surprising the crypto-community by the $8,000 jump.


Image Source: Coinmarketcap.com

Any Reasons?

As per CoinDesk data, within the past week bitcoin has gained 20% at a price. This could be a repercussion of the news that the asset-management titan BlackRock will establish a working team to examine cyber-money and DLT, CNBC reports.

Last week in a separate report, Grayscale Investment Company said it sees more entities are curious about such digital products like cryptos. It is a considerable statement because Grayscale manages $2 billion in assets. eToro’s senior account manager Matthew Newton, in his turn, stated that such interest contributes to the long-term bitcoin’s bullish perspectives.

"In the long-run, all of these points are very bullish. Technically, on the charts, what happened last week was very positive, but getting through these levels will be critical in the short-term action," added Newton.

Still Not Impressive

Despite the little success, bitcoin’s price is still over 60% lower than in mid-December 2017. At that point, one unit of BTC cost $20,000.

Overall, the market cap of all cryptos altogether has fallen by over 50% this year.

What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...
Bitcoin Hits $4,190 For The First Time Since Early December
For the first time in a fortnight, bitcoin has managed to creep above the $4,000-margin. As of writing, the king of all cryptos is traded at $4,031...