The price of the leading cryptocurrency Bitcoin [BTC] stunned the markets along with the media alike today on 3rd July, jumping massively over 20% within 24 hrs beating the resistance level at $11,000 USD.
Data from ‘CoinMarketCap‘ shows BTC/USD firmly within the green colour bar, following a turbulent few days that saw the price drop to as low as $9,688 USD, earlier this week.
At the reporting time, Bitcoin is presently trading at a price around ‘$11,216 USD‘ having set a new high of $11,525 USD earlier this day.
The unexpected reversal at once rubbished the theories rising within the mainstream press as well as from ‘cryptocurrency‘ naysayers. Forbes had ‘declared‘ the ‘bitcoin bubble’ had popped simply hours before, whereas earlier on Monday, renowned economist named ‘Nouriel Roubini’ delivered contemporary criticism of bitcoin’s performance. He ‘tweeted‘:
“Indeed Bitcoin is presently down below 10k. Has lost a 3rd of its worth in just less a week. Still a long way to less than zero as its true worth is negative not zero given its harmful externalities! it’ll get to zero in due time.”
Proponents in the meantime were eyeing where this recent surge might end. In an analysis, Bitcoin trader named ‘Josh Rager’ aforesaid that he was eyeing a possible zone around ‘$11,760 USD‘, noting that the recovery presently makes BTC worth look “extremely bullish” once again.
Longer run, curiosity remains concerning the impact of institutional trading pushing up the price of BTC. This week saw 2 major announcements – from both trading platform ‘ErisX‘ and ‘Binance exchange‘ – confirming that they’re going to offer bitcoin futures.
Bakkt, the long-awaited institutional trading platform, is expected to begin ‘testing‘ its futures offering later by this month.
On the other hand, ‘Altcoin‘ markets saw some much-needed gains as bitcoin rose, with several assets within the top 20 list by market cap rising by around 7%.