The market capitalisation of cryptocurrencies spiked from $272 billion to $292 billion, registering a surge of $20 billion in the valuation of cryptocurrency market within a one hour period on the evening of 17th July.
The price of Bitcoin, Bitcoin Cash, Ether, Ripple, and EOS increased from 6% to 10%. Bitcoin and EOS have been the best performers out of the major cryptocurrencies, accounting for unexpected rise in their value
in a short period of time. This event caused a push in the price of major digital assets by large margins.
Officials note that the cryptocurrency has recently been subjected to positive developments. The dominating cryptocurrency markets such as the US, Japan, and South Korea have seen regulation, adoption and general consumer demand in the cryptocurrency market. These developments were not reflected in the digital currency market over the past two weeks but the recent splurge in the valuation may hint at the consistent progress of the market. The government of South Korea recently declared laws regulating its cryptocurrency market. Other such events may also fuel the next big event in the market.
The last time the market registered a sudden increase was the 9th of April when the price of Bitcoin spiked from $7,000 to $8,000 within a span of half an hour. Consequently, this rally led the price of Bitcoin to $10,000.
The volume of Bitcoin against Tether (USDT) is $300 million currently, up from $100 million since July 16. On Binance, happening to be the world’s largest crypto exchange, as is apparent, the volume of Bitcoin has tripled over the last two days.
Despite positive momentum indicators and optimistic signals of the Relative Strength Index (RSI) and Momentum Average Convergence Divergence of Bitcoin. The abysmal volume of the crypto exchange market inhibited a surge in its value. The only issue with the crypto market through July was its low volume.
However, the transitory rally of July 17 saw a large splurge in the market volume and was also accompanied by optimistic events such as the appointment of a new CEO for Goldman Sachs who has always thought of Bitcoin as a positive development on various occasions. David Solomon, the newly appointed Goldman Sachs CEO, was quoted saying that Goldman Sachs is streamlining to launch a proper crypto trading platform.
He cited: “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.”
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