- Bitcoin breaks through $7,500 again
- Total market cap gradually creeping higher
- BitMEX CEO predicts a sharp increase in Bitcoin price before the end of 2018
Cryptocurrency markets experienced a mixture of ups and downs yesterday, with a few of the top 20 altcoins dropping marginally by about 1%.
Bitcoin has, however, broken through the $7,500 level again.
After a week of strong gains, none of the top 20 coins in terms of market cap are trading more than 1% higher or lower. Early Monday, Bitcoin was trading 1% higher at $7,516, which is a gain of nearly 18% in a week and 21% for the month.
Ethereum, on the other hand, traded somewhat lower yesterday, dropping by around 0.5% in 24 hours. The top Bitcoin alternative has strengthened by nearly 3% this week and is now trading at $463.
Total market cap, meanwhile, is gradually gaining momentum. It currently stands at about $285bn, which is nearly 1% higher than one day earlier. Although the total market capitalization is lower than the intraweek record of nearly $300bn, Bitcoin is increasing its market share, which currently stands at 45% (+3%).
The past week has brought the possibility of institutional movement into cryptocurrency markets, with investment colossus BlackRock announcing it was considering launching Bitcoin futures.
On Friday, the Chicago Mercantile Exchange (CME) said in a report that the average daily volume of Bitcoin futures increased by 93% during the second quarter of 2018, with an increase of 58% in the number of open Bitcoin futures contracts.
Another development on Friday came when BitMEX exchange CEO Arthur Haynes hinted that the present bull trend had the possibility to first bring Bitcoin down to about $5,000 before surging to $50,000 before the end of the year.