What’s going on with Bitcoin? Yowza.
Last week was an impressive week for the coin but today saw it exceed itself by packing on a massive 10% in gains. Other cryptos are experiencing astronomical growth too; EOS is also seeing a 10% hike this week.
But Bitcoin, in particular, is out front in a league of its own with its massive 10% gain adding $9 billion to its market cap in under thirty minutes.
The coin currently stands at the $7,360 mark. But elsewhere coins across the board have added between 5% and 10% in the past 24 hours. Bitcoin Cash has made nearly a 5% gain and Ethereum is shining also, with a 5.5% gain.
Analysis
The sudden explosion of Bitcoin[1] means the coin has smashed through its 50-day moving average. It is back above $7,000 for the first time since early June.
There is no catalyst for this price hike that stands out today. However, in other markets, it is notable that gold and tech stocks have performed poorly.
Today’s rally may have been supported by positive events such as the recent appointment of a new CEO for Goldman Sachs. David Solomon who has secured the coveted position has discussed Bitcoin from a bullish point of view on multiple occasions. He has also admitted that Goldman Sachs is preparing to launch[2] a “proper” cryptocurrency trading platform stating:
“We are clearing some futures 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 business and adapt to the environment.”
