The dark days are gradually becoming a thing of the past as the price of Bitcoin is slowly shaping up, and the direct effect is the upward turn in the prices of dozens of other coins. In the last 24 hours, the top 100 coins were given green lights, with Bitcoin sitting comfortably at $7,412.00, up 14% in the last 7days and about 10% in the last 24hours, with 84 other coins posting gains of over 5% in the crypto market.
A GREAT LEAP
The past couple of months cannot be regarded as the greatest in the crypto market, as the prices of Bitcoin plunged down to a very demeaning figure, which created a very big question mark in the mind of global traders and investors.
Though the prices started to gain the needed momentum in June, when it crossed the $7000 mark for the first time in the last month, observers stressed that it’s not certain if the price will go back to drift below $6,000 as it was in previous months. The prices are now very encouraging, with the prices moving back to the norm of around $7,500, pointing to the fact that it is gradually improving, but it may hit a brick around $7,750.
The success story of Bitcoin in the last couple of months had a very positive impact alongside other coins too, especially in mid-July, as the top 100 coins enjoyed stellar performances, surging high up in the market. Out of the top 100 coins, 24 made double digits gains in last 24 hours, which is a great leap for the progress of other coins.
The news of the other coins gaining on the success of bitcoin is soothing, it is not always like that, but the success can always charge for the growth of other coins.
But how did we get here?
The following are factors that are said to affect recent price increase in the market:
- Asset manager, BlackRock created a working group to examine blockchain and cryptocurrencies, though the CEO cautioned there was still a considerable demand for cryptocurrencies.
- U.S. regulators will open doors for the exchanges to list tokens that are categorized as securities.
- Coinbase announced that it was exploring the addition of Cardano (ADA), Basic Attention Token (BAT), Stella Lumens (XLM), ZCash (ZEC) and 0x.
- At Goldham Sachs, current COO, David Solomon will become the new Chief Executive Officer. Solomon is regarded as a crypto friendly individual.
Though, the market is volatile and price changes from time to time, blockchain is a healthy place to trade, invest and operate. It’s the new face of finance, globally.