Bitcoin Crosses $8000 And The Dominance Rate Reaches Record High For 2018
Bitcoin broke the $8000 resistance and is currently trading at above $8100 which is the highest it has reached in two months. The next resistance is the $8500 mark which might be easily reached.
Image Source: Coinmarketcap
The bear market has been rough for quite a while now and the crossing of $8000 has certainly gotten many people excited, one of the major reasons for this jump can be attributed to the speculation that Bitcoin ETF will be approved soon.
Image Source: Coin360
A Bitcoin ETF (Exchange Traded Fund) would certainly be a big deal as it opens up a huge audience to the Crypto market who otherwise may not invest in Cryptos, and also it will somewhat solve the custodial and security issues which are stopping a lot of investors from taking part.
Bitcoin might see the same kind of price increase that was seen when gold ETF was introduced and prices skyrocketed after, as there is a clearance from SEC that Bitcoin is not a security it will likely be seen as a commodity like Gold by many.
A report from Zerohedge also suggests that an anonymous CFTC employee told that Bitcoin ETF is 90% certain at this point in time.
Matt Odell Tweeted:
Anonymous CFTC employee:
“I would call it 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding Bitcoin futures across several global exchanges."
— Matt Odell (@matt_odell) July 24, 2018
But before getting too optimistic, it is important to note that nothing as of now is confirmed yet, it might take longer than people are expecting and might not happen at all this year and could be pushed to 2019. Maybe the volumes and the price increase is manipulation and playing on the speculative nature of the market, it is hard to determine which it is.
It is interesting to note that the Bitcoin dominance has been increasing reaching these year’s high at almost 47% and Bitcoin’s price has been going up these past days without the Alts pumping even slightly which goes to show that Bitcoin is still king.
Joseph Young Tweeted:
Bitcoin at $8,000 is like fresh air for me, it's great to see.
But, what I like more is that all of the crypto market does not correlate with BTC price. We're seeing independent price moves, which is great.
Cant initiate big rally in end of 2018 with unified price movements.
— Joseph Young (@iamjosephyoung) July 24, 2018
Eric Voorhees Tweeted:
Welcome back $8000 🙂 #bitcoin
— Erik Voorhees (@ErikVoorhees) July 24, 2018
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