The cryptocurrency market crossed the major milestone this Tuesday and passed the $300 billion mark for the first time since mid-June. Currently, there are many optimists who think that Bitcoin is entering a new bull cycle.
The price of Bitcoin is what mainly drives the rally – moving the flagship cryptocurrency above the $8,000 mark shortly before the market cracked $300 billion.
As analysts reported, Bitcoin rose as high as $8,363 at one point, even though it receded to a present value of $8,229 for a daily gain. Right now, Bitcoin has a market cap of $141 billion which is almost half of the total crypto market cap – in what analysts see a 20% increase and a 47% share of the overall market.
According to analysts, institutional investors warned that the market may be prematurely pricing in the belief that US regulators will approve a Bitcoin ETF within the near future.
What’s certain is the fact that Bitcoin pushing against $300 billion made the market rise. A proof for that is BitMEX, where a record volume of 1 million XBT ($8 billion) was traded in one single day.
Other altcoins surged as well aside from Bitcoin, Ethereum and XRP rose by 4% and 3$ to their present values of $481 and $0.47, while Bitcoin Cash and EOS climbed by more than 6% to keep pace with BTC. Stellar rose by under 6% and XLM and LTC grew by 4% to their current prices of $0.30 and $88.
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