This past weekend has been a momentous time within the Crypto markets; Bitcoin or BTC along with other major Cryptocurrencies have managed to regain a lot of traction that had previously been thought lost and more importantly, these same ICO’s managed to hold their ground through to Monday. For anyone who has been following the markets over the past couple of months, they would know this is probably one of the most awaited developments since the beginning of 2018.
The Performance Of BTC
To begin, let’s look into the analysis of good old BTC, BTC was hovering around $5,800 on Friday evening. Judging by market perception on the close of business on Friday afternoon it was clear that many of the market’s investors were feeling uneasy over the endless array of possible outcomes over the weekend and thus, the sentiment was rather bleak. However, that was not to say that there wasn’t a chance that BTC would jump on board to July with a more cheerful disposition and luckily, it came around. Early Saturday morning BTC rose to $6,400, this is an unprecedented increase of 10.3% in fewer than twenty-four hours.
BTC has in fact managed to continue swimming within that region and was still pulling in figures of $6 371 at the time of writing, which is only a dip of 0.21%. Many analysts have weighed in stating that this can be a positive omen for the markets suggesting that July may be a more positive and frankly, more stable than June was.
Total Market Capitalization
If one is to skid on over to the market capitalization abilities of Cryptocurrencies one can see that ICO’s such as Bitcoin are also doing quite well within this section of the market. Initially, when a holistic view of market capitalization for all ICO’s was analyzed, it became clear that the total was sitting on $232 billion at close on Friday evening. It managed to clear a whole new level of excellence by gaining an 11.9% bump which rounds to $259.8 billion.
Moving on to how BTC is expected to perform over the next week, many analysts are hoping that BTC would move through the $6 500 post within the next few days, especially given the token’s performance over the past weekend. However, of course, there are other far worse expectations that in fact, BTC will instead fall somewhere between the $6 100 and $6 200 mark as the ICO crashes due to the high hopes of the market-crushing its current momentum.
Speculation And More
There has been a large amount of speculation surrounding what exactly caused the surge in trading price for BTC over the weekend, one of the most prominent theories is that the market improved over the impending expiry of the Bitcoin Futures this past Friday. Bitcoin Futures have a factor where at the end of every last Friday of the month, the commodity is no longer valid and expires. Of course, there were alternative theories, however, at the end of the day, this is all just theoretical. What is exciting is that BTC seems to be on the up, and we can’t wait to see where the market goes next!