Yesterday within one hour the price of Bitcoin, Bitcoin Cash. Ethereum, Ripple and EOS are up 6-10%, and the total cryptocurrency market capitalization has jumped $20 billion at the time of writing and now stands at $292 billion.
Of the largest cryptocurrencies, Bitcoin and EOS showed the best growth rates - in a short period of time, these digital currencies gained 10% each.
According to CCN information, the price is influenced by positive changes in the market, for example, The South Korean government has begun to regulate the cryptocurrency market. Positive changes in the leading cryptocurrency markets have not been reflected in the value of digital assets over the past two weeks. The bull run could demonstrate a cumulative reaction to progress in the areas of regulation, adoption and consumer demand.
If the price of Bitcoin breaks above $8,000, it could repeat its gains on April 9 and could potentially test the $10,000 support line. However, if Bitcoin consolidates at $7,400, the price could break through major support levels at $8,000 and $9,000 in the coming weeks.
The difference between the July 17 price rally and previous false surges is volume.
At the moment, the volume of Bitcoin against Tether (USDT) is $300 million, just two days ago this amount was $100 million. In two days, the volume of coins traded tripled.
Throughout July, the cryptocurrency market's problem was mainly low volume, and despite the bullish Relative Strength Index (RSI) and Bitcoin Convergence Divergence (MACD) readings, low market volume prevented the price from rising.
Additionally, on July 17, David Solomon was appointed CEO of Goldman Sachs. He spoke about his intentions to open a cryptocurrency trading platform: "We are exploring the possibilities of Bitcoin, preparing futures trading, but we are doing everything with extreme caution. We are trying to help our clients explore new technology with us. Goldman Sach will develop its business and adapt to the environment.".
According to ccn.com
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