Bitcoin breaks $8,000 — aims for further milestones
Story by: AARON HANKIN
Bitcoin’s comeback is showing no signs of abating as the No. 1 digital currency has regained $8,000 for the first time May 23.
Bitcoin BTCUSD, +6.94% is currently trading at its intraday high at $8,110.37, up 6.5% since Monday’s 5 p.m. level on the Kraken cryptocurrency exchange.
The turnaround in bitcoin comes as interest from the financial and institutional sector grows. Last week, Grayscale Investments said it raised a record $250 million in the first half of 2018 of which more than 50% was institutional money, and more upbeat news for the industry came when the Financial News reportedthat BlackRock, the largest asset manager, had set up a working group looking into blockchain technology.
“This is an extremely exciting period for cryptocurrencies and blockchain technology with increased interest from Tier 1 banks and financial institutions,” said David Sapper, CEO of Australian cryptocurrency exchange Blockbid, in an email to MarketWatch.
“As cryptocurrencies grow and start to take a bigger chunk of the market in regards to trading, more and more of these financial institutions will be looking to see how they can capitalize on the growing cryptocurrency market.”
Read: Positive ‘price drift’ suggests bitcoin has room to move higher
In eight trading sessions, bitcoin has moved above its 50-day and 100-day moving average, and is insight of its 200-day moving average, which currently stands at $8,677.38. A moving average is a momentum indicator derived using the average price over a previous given period of time.
The 200-day line is closely watched as it was this level that bitcoin could not breach in early May and which started a wave of selling, culminating in a new low for 2018.
The rise in the world’s biggest digital currency has pushed the total value of all cryptocurrencies to $298 billion, according to data from Coinmarketcap. Should it top $300 billion, it would be the first time in six weeks.
Furthermore, bitcoin has risen 9 of the last 11 trading sessions.
Altcoins playing catch-up
Altcoins, or coins alternative to bitcoin, which have lagged of late are playing catch-up Tuesday, with some major altcoins outperforming bitcoin.
Ether ETHUSD, +6.08% is up 5.6% at $473.00, Bitcoin Cash BCHUSD, +8.08% is the best performing altcoin, up 10.1%, trading at $869.30, LitecoinLTCUSD, +6.93% has added 7.7% at $88.01 and Ripple’s XRP coinXRPUSD, +2.78% was last trading at 46 cents, up 3%.
Futures have followed spot markets higher. The Cboe Global Markets Inc. for August XBTQ8, +5.97% is up 5.3% at $8,200 and the CME Inc. July contractBTCN8, +6.53% has climbed 5.9% to $8,190.
Original story: https://www.marketwatch.com/story/bitcoin-breaks-8000-aims-for-further-milestones-2018-07-24
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