Bitcoin exchange rate rises to 12%, Altcoins achieve double-digit gains – Possible reasons
Home News Bitcoin exchange rate rises to 12%, Altcoins achieve double-digit gains – Possible reasons
Marcus Misiak –
The Bitcoin bulls are back! At least, the evidence suggests that since January of 2018, sustained decline is now defeated at last. After in the last few weeks, a steady to upward trend, climbed yesterday, the prices of Bitcoin, Ethereum, and XRP to two-digit percentages to the top.
According to CoinMarketCap, Bitcoin is traded at the time of writing at 7.962 USD and has a 24-hours-to-earnings of 12.7 percent. So Bitcoin is one of the biggest winners within the Top 20 crypto currencies by market capitalisation. In addition to Bitcoin can be found in the last 24 hours but also Ethereum (+10%), XRP (+20%), Bitcoin, Cash (+10%), EOS (+12%), Monero (+10%), IOTA (+12%), ETC (+10%), NEO (+10%) and Ontology (+10%) double-digit price increases. The “Pump” has led to an inflow of USD 20 billion in the entire crypto currency market. The total market capitalization has reached 237 billion US dollars currently, the highest level since the beginning of September 2018.
The trading volume of Bitcoin has risen over the past 24 hours to 28 billion US dollars, and increased again to about 12 percent. On Coinbase and Gemini the BTC price is even more than 8,100 USD. The Bitcoin Donminanz is increased to 59.3%. The last Time Bitcoin had mastered so much from the market, was during the massive Bullruns in December 2017, when BTC pumped $ 10,000 in a single month.
The difference this time is that Bitcoin trading will receive the lion’s share of the profits and the Altcoins fewer profits. Thus, the “Bitcoin FOMO” (Fear of missing out) seems to be real. Many analysts now see the 8200 USD as the new price target. A possible correction would be to 6,400 USD, the most-watched rate of the previous year is conceivable.
Possible reasons for the price increase of Bitcoin
Is the Bitcoin rally comes after two major news: eBay and the other from Bakkt.
On the one hand, the CEO of Bakkt, Kelly Loefller, announced that the Bitcoin Futures contracts are expected to be introduced in July of this year, Federal regulated exchanges. On the other hand, rumors emerged yesterday that eBay might accept crypto-currencies. According to a telegram post of “Patron of The Moon” could eBay announce in the coming week, the support for crypto-currencies.
Bakkt, the crypto-Initiative on the Intercontinental Exchange, announced yesterday that it will start in June, its physically backed Futures contract. According to a media Update from Executive Director Kelly Loeffler, the product will take two forms: 1) a daily settlement Futures, 2) monthly Futures. Bakkt expected a “slow” market launch of the products until July.
The report comes just a few weeks after Bakkt as a Partner of the US Bank BNY Mellon has been known. The stock exchange is working closely with the Institution to secure Bitcoin and other private keys for crypto-currencies, in particular, through a System of geographical distribution. In the same communication, it was announced that Bakkt the Digital Asset Custody Company (DACC) is adopted and at the same time a $ 100 million insurance policy for “global insurance companies” has been completed.
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