- As per data available on CMC, Bitcoin market dominance quotient has once again surged past the 60% mark for the first time since mid-2017.
- With BTC now safely over the 13k threshold, it remains to be seen how FBs upcoming (17th July) Financial Services Committee (FSC) hearing pans out.
According to a recently aired broadcast on CNBC, Bitcoin’s ongoing price rally can partially be attributed to an increase in institutional activity within the crypto domain over the past year or so.
Not only that, research data released by Genesis Capital — an institutional crypto lending platform — has also corroborated the aforementioned report and has stated that institutional investment (within the altcoin market) has increased anywhere between 200%-300% since the start of 2018.
Additionally, the CNBC report also notes that along with institutional players entering the cryptocurrency sector, bitcoin’s strong price performance can also be attributed to the launch of Facebook’s upcoming Libra coin. However to be fair, we should point out that BTC was already up by a whopping 140% (for the year) before news of Libra’s launch even hit the airwaves.
Some analysts believe that the ongoing trade war/tensions between the US and China could also be bolstering mainstream interest in digital cryptocurrencies such as BTC, ETH.
With BTC recently breaking past the 13k mark, a lot of people are expecting the premier cryptocoin to once again scale up to its ATH of $20k (by the end of this year).
As a result of BTCs impressive market push since the start of 2019, a lot of people are now beginning to see that the flagship altcoin is a much more efficient SOV (Store of Value) when compared to precious metals such as gold, silver, etc.