Bitcoin broke the $ 8,000 price tag this morning, reaching a maximum of $ 8,130, retaining his nose in the rising choir of doomsayers who respond to the growing interest of the financial industry in cryptocurrency. The afternoon price fell below the $ 8,000 mark, but the trend in the last week was positive.
Shortly after noon, the price of a bitcoin was $ 8,068.11, according to coinmarketcap.com, after having recorded a market capitalization of $ 133,956,000 and a gain of 4.24% over a 24-hour period.
The recent increase has dropped nearly 29% from its previous value of $ 7,561.37 on Nov. 5, to $ 5,680 on November 12. This rally last week resulted in a $ 38 billion market loss after SegWit2x was canceled on November 8. Volatility was credited for the cancellation of SegWit2x, which made some investors move their holdings to other products, a sign being almost doubling Bitcoin Cash.
After it started last week under the $ 6,000 mark on November 13 at $ 5,936.85, the price rose and approached the $ 8,000 mark on Nov. 16, which had fallen to this day, November 19th, when he finally surpassed the $ 8,000 mark.
Bitcoin’s market share on the total crypto compact market today was 56.07%, followed by Ethereum at 14.51%. Bitcoin’s dominance was higher on November 4, when his price was $ 7,293.42 and held 61.58% at Ethereum by 14.04%. Bitcoin’s most significant market share was August 10, when its price was $ 3.26.50 – accounting for 93.4% of the total market.
Institutional Interest Rises
Bitcoin’s entry into the primary financial markets is considered to drive his ongoing earnings. CME’s announcement of launching future bitcoin contracts has attracted the interest of the business community, indicating an inflow of institutional capital.
As a result of institutional interest, Coinbase announced plans to provide a cryptocurrency custody service for institutional investors with more than USD 10 million in crypto assets.
Wall Street investors have also favored listed companies that are expanding into beatings. Square, a payment processor, received a price increase after inviting some users to test their square-cash application to buy and sell a bitcoin.
Also, the completion of the first “atomic swap” outside the chain also caused confidence in cryptocurrency. Lightning Labs have marketed the bitcoin test for the Litecoin test net without leaving any traces on the block of each coin.
SegWit2x Impact
While the cancellation of SegWit2x took the whip price down, some see a silver lining.
Spencer Bogart, head of the Blockchain Capital research department, told Bloomberg Quint that despite the fact that the fork was stopped, they are going to follow the bend. As a result, some capital is routed from other crypto-assets and bitcoin to ensure that they receive coins on both sides of the fork.
Meanwhile, rising prices continue…