Bitcoin’s value has shot up 10% in the past 30 minutes, after the cryptocurrency experienced a significant surge in its volume.
Within the span of an hour, the value of the whole cryptocurrency market surged to $292 billion, up from $272 billion. That’s an increase of more than $20 billion! The prices of bitcoin, Bitcoin Cash, ether, Ripple, and EOS spiked from 6–10%.
Crypto market gained $20 billion in 30 minutes
On 17 July a sudden evening corrective rally happened, driving the price of major digital assets to surge by extraordinary margins. Bitcoin and EOS stand out as the best performers among the prominent cryptocurrencies, climbing nearly 10% in a few moments.
But to those who have been following cryptos, and understand their immense potential, the signs of a rise were never far away. The market has seen the emergence of a series of positive events. Take the government of South Korea regulating its cryptocurrency market, which could alone be enough to spark another rally in the crypto market.
These positive developments in the leading crypto markets — mainly the US, Japan, and South Korea — did not reflect the crypto market across the last two weeks. However, the recent bull run may be a result of the progress the market has made in terms of regulation, adoption and general consumer demand.
The last time bitcoin surged by a margin as big as today’s rally was back in 9 April, when the price of BTC scaled from US$6,900 to US$8,000 in as little as 30 minutes. This then led the price to reach a staggering US$10,000, not long after.
If the past is anything to go by, bitcoin could potentially repeat the same movement and reach $10,000 again.
Crypto market’s strong volume is creating momentum in cryptocurrencies shares
Volume proved the difference between the rally of 17 July and the pervious flops and false runs throughout June.
Just look at the world’s largest cryptocurrency exchange, Binance, where the volume of bitcoin against Tether (USDT) is $300 million, up from $100 million since July 16. In just two days the volume of bitcoin tripled…
The short-term rally of 17 July was also supported by a large spike in volume, backed up by positive events such as the talk of Goldman Sachs preparing to launch a cryptocurrency trading platform. Goldman Sachs stated:
‘We are clearing some future around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs Must evolve its nosiness and adapt to the environment.’
Wise words, that should be applicable to every investor looking into the future of cryptocurrency.
Contributing Editor, Money Morning
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