Crypto markets are on an upswing today, July 16, as data from Coin360[1] shows, with Bitcoin[2] (BTC) reclaiming the $6,600 price point.
Today’s notable market growth is likely bolstered by news[3] that the $6.3 trillion asset management heavyweight BlackRock –– the world’s largest provider of exchange traded-funds (ETF[4]) –– is beginning to assess potential involvement in Bitcoin, according to reports from Financial News.
Market visualization from Coin360[5]
Today’s solid market gains are poised to turn around negative momentum that has thwarted price performance since market descent[6] that began July 10. Yesterday saw the first signs[7] of a budding positive trend, and as of today, virtually all of the top 100[8] coins by market cap are seeing significant growth on the day to press time.
Bitcoin is trading around $6,607[9], up a little over 4 percent over the 24-hour period to press time. The top cryptocurrency gained over $200 in the space of a few hours this morning, hitting a peak of $6,635 before falling slightly to its current position. Bitcoin is still down around one and a half percent on the week, yet to top its outstanding rally[10] July 8 when the coin hit almost $6,800.
Bitcoin price chart July 16. Source: Cointelegraph Bitcoin Price Index[11]
Leading altcoin Ethereum[12] (ETH) is trading around $474[13] to press time, up over 6 percent over the past 24 hours to press time. The coin’s strong ascent has not yet brought its mid-term price performance back into net positive territory, with
