Bitcoin Smashes Past $9000, Overall Crypto Market Valuations Above $410 Billion
It seems like the Bitcoin bulls are back in action as the world’s largest cryptocurrency is now trading at 4% premium over its price 24-hours back. According to our data on WorldCoinIndex, Bitcoin is trading at $9,319.82 with a market cap of $158 billion and its 24-hour trading volumes crossing $3 billion.
After consolidating for a long time below the $7,000 mark till the first week of April, Bitcoin witnessed a sudden surge in its price on April 12 when the cryptocurrency gained $1,000 points in a single day to form a new base at $8,000. The huge liquidity in the Bitcoin price was contributed by billions of dollar poured by institutional investors from the Wall Street.
With the latest surge above $9,000, bitcoin has gained by more than 25% since the start of the month and more than 10% over the last week. Last week, the cryptocurrency witnessed tax-related selling pressure just ahead of the U.S tax deadline.
However, the dark cloud of regulatory concerns is still hovering over the bitcoin enthusiasts as the financial regulatory body of the U.S - Securities and Exchange Commission (SEC) is likely to have a crackdown on the issuers of Initial Coin Offerings (ICOs).
However, there are a lot of positive indicators as major financial institutions like Barclays and Goldman Sachs are weighing their options of entering the crypto space.
Goldman Sachs which has recently denied the rumors of launching its own crypto trading desk, still holds indirect ties with the crypto markets. It was the first banking institution from the Wall Street which started clearing CBOE and CME Bitcoin futures for its clients, launched last year in mid-December 2017.
Moreover, the company has recently hired a former cryptocurrency trader Justin Schmidt as the Vice President and head of digital asset markets in the securities division of Goldman Sachs. However, the banking giant denied making any promises as of now regarding the scope of its digital assets. It said: “In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”
However, it has to be noted that along with Bitcoin, the overall crypto market valuations have also surged past $410 billion and Bitcoin is not the sole contributor to this. Apart from Bitcoin, other altcoins like Ethereal and Bitcoin Cash has been driving the rally. Ethereum is now just short of $700 mark and is trading at $691 for the moment. Ethereum has posted nearly 80% gains since its price at the beginning of April 2018.
On the other hand, there is no stopping for Bitcoin Cash as more traders want to grab this bitcoin-derivative before it hard-fork scheduled next month. Bitcoin Cash is currently trading at a price of $1515 with its market cap going above $25 billion. At today’s price, the cryptocurrency has gained more than 150% since its low of $600 on April 6.