Finance

Bitcoin (BTC) Hits $7,400

Are the Bulls Back in Town?

During the last two months, all the crypto-news portals had at least a dozen well-known believers, influencers, and cryptocurrency experts claiming that the bulls are on the way back.

Nevertheless, the market remained stagnant for quite some time, despite all the positive news that were hitting the streets on a daily basis.

First, the long-awaited opinion from the US SEC ruled that the commission doesn’t see Bitcoin as a security, which lured out many sighs of relief throughout the cryptocurrency universe.

After the wholeheartedly welcomed decision came the fact that this time around, there is a possibility that the Bitcoin ETFs will be given a green-light, which would bring along the large-scale infusion of the institutional capital into the market.

Even the financial giant, Goldman Sachs got a potentially crypto-enthusiastic new chairman and CEO, David M. Solomon, instead of now-retired Lloyd C. Blankfein.

It seems that the period of accumulation is finally over and the rally has started.

Today, in a short time-frame of only 45 minutes, Bitcoin gained 10,14%, fueled by the massive spike in the overall trading volume, which is the most notable surge that The King has accomplished in months. The best demonstration of the sudden rise of interest is the fact that the biggest cryptocurrency exchange, Binance, briefly crumbled under the weight of the extra volume, which rendered their trading platform inoperable for a short period of time. At the same time, the global market capitalization has gained $22 billion.

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Bitcoin effortlessly breached the infamous $6,800 resistance, which paved the way across the $7,000 milestone. On its recent gallop, Bitcoin passed the $7,400, to be stopped at $7,485.

Consequentially, Google Trends shows that the searches involving the phrase Bitcoin more than doubled in recent hours, which could very well mean that more good times may follow.

Even though the price of the number one cryptocurrency has remained stable at around $6,350 during the last 5 hours, the sudden surge of Bitcoin has, as usual, dragged the prices of the Alts along.

According to the CoinMarketCap.com, Cardano (ADA) and EOS are leading the top 10 pack, each recording gains above 10% in the last 24 hours, closely followed by XRP and Stellar (XLM) with 7% and 8% rise.

Among the top 100, Decentraland (MANA), WAX, Stratis (STRAT), and Substratum are all having a ball, with over 20% gains. Powerledger is closely following by gaining 19,81%, but with the unmeasurably bigger volume of over $60 million, which can be viewed as a buying signal if the mini-trend doesn’t make a U-turn into a bull-trap.

In fact, the only top 100 cryptocurrency which, conditionally speaking, lost a fraction of its valuation is Tether (USDT), recording a 0,02% loss, but having the second largest trading volume of stunning $3,5 billion.

Despite all the renewed enthusiasm, all the crypto-traders will have to wait at least until the end of the week to get the answer to the question of all questions – is this going to last?

Luka Kapetanic

An ex-restaurant business owner turned cryptocurrency fanatic, with over 12,000 followers on investfeed.com. Miner, Investor, trader and, above everything else - a writer, with coinlive.io, and cryptodigest.com in his jobs portfolio.

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