Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Rises in Green Crypto Market

Published 16/05/2019, 04:08
Updated 16/05/2019, 04:17
© Reuters.

© Reuters.

Investing.com - The crypto market continued to trade in the green on Thursday morning in Asia and Bitcoin gained more steam to rise past $8,200. The total market cap rose higher to $261 billion from $244.4 billion the day before.

Bitcoin traded 3.20% higher to $8,259 by 10:26 PM ET (02:26 AM GMT). Gaining a strong momentum, the digital coin even reached this year’s high at $8,306.8 the day before. Bitcoin has gained a double from the beginning of this year, from below $4,000 in January to above $8,200 this week.

Ethereum surged 16.54% to $265.02, XRP was up 8.03% to $0.4687, and Litecoin added 13.01% to $105.22.

The strong performance of Bitcoin these days prompted analysts to believe that the maturation of the digital coin as an asset is the reason.

On May 15, Bloomberg cited a report by web intelligence platform Indexica that claimed the age of cryptocurency has come. It said more financial experts and academics are deliberating about Bitcoin, and traditional institutions are taking it more seriously.

The report found three reasons that backed the rally of Bitcoin: a more complex conversation surrounding the digital token, fewer concerns about fraud and a shift in the tense of how Bitcoin is talked about from the past to the future.

“Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterwards,” said Zak Selbert, chief executive officer at Indexica.

Another news that drew attention is that the U.S. Securities and Exchange Commission (SEC) delayed to hand down a decision on a Bitcoin exchange traded-fund (ETF).

On May 14, the SEC said it has delayed the second time its decision on whether to approve cryptocurrency index fund provider Bitwise Asset Management’s Bitcoin ETF, after another delay in March. The regulators were supposed to reach a decision in 45 days, after Bitwise filed for an ETF in February.

Bitwise’s Bitcoin ETF is said to be different from others as it draws prices from various crypto exchanges to aim to better represent the market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.