Bitcoin, the most dominant cryptocurrency in the global market, recorded a 15.94 percent increase in value, from $6,900 to $8,000. The price of the cryptocurrency rose by $1,100 within a 30-minute window, as massive buy volumes emerged. 

 

Bitcoin (BTC)

$7,768.97 USD (11.76%)
1.00000000 BTC (0.00%)

Market Cap

$131,875,057,165 USD
16,974,587 BTC

Volume (24h)

$9,125,600,000 USD
1,169,120 BTC

Circulating Supply

16,974,587 BTC

Max Supply

21,000,000 BTC 

 It is virtually impossible to pinpoint a single factor to justify the price trend of any cryptocurrency, because a variety of factors can contribute to the momentum of a cryptocurrency. In this case, the question of whether the price of bitcoin increased due to the entrance of institutional investors or retail traders is of less importance. The crucial takeaway is that bitcoin has achieved the $7,500 support level which it had eyed throughout April, and the recent price increase could allow bitcoin to rebound to the $8,000 region with strong momentum. 

 For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long. I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher,” wrotePantera Capital CEO Dan Morehead and Augur founder Joey Krug, who also works as an executive at the hedge fund. 

 

source: ccn.com

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