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.

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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.

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