The exchange rate of bitcoin broke above $ 8,000, the expert described the reasons for
The stock market actively removes money from altcoins and moves in the direction of the reference currency. In the last 24 hours, bitcoins (BTC) adds more than 4% and overcomes the important psychological level of $8,000, the capture of which configures the optimists on the proximity of a new landmark of $10,000. In the overwhelming majority of altcoins out of the Top 100 CoinMarketCap show either reduction or minor increase in the TOP 10 from +1.5% in the case of Ethereum (ETH) to -52% in the case of Bitcoin Diamond (BCD).
The growth of demand for Bitcoin (BTC) occurs together with increasing trade volumes by 60% to $3.5 billion on Monday to $5.6 billion on Tuesday. Investors are encouraged by the positive assessment of regulators, the U.S., and the establishment of the working group on cryptocurrencies in the largest investment company BlackRock. As in winter, captainvalor hope to expand the market for institutional money, as well as creating investment products that would have derived the demand for Bitcoin (BTC) to new mastimovie level.
The exchange rate of bitcoin for the month increased by 36%
Over the past month, bitcoin has grown by 36%, which contrasts sharply with the 14% growth of the total market (net of BTC). The total capitalization of the stock market without taking account of bitcoin virtually stagnated around 150 billion dollars over the past month.
At the moment the share of BTC in the total capitalization of the stock market reached 47% (with a maximum of 20 Dec). In addition, many analysts believe that Bitcoin (BTC) is still felt on 24 June its bottom of about $5,900.
Some technical indicators, including Relative Strength Index (RSI) indicates overbought, while now at 73. The rules of the technical analysis say that the loss of growth momentum with price in these conditions and decrease in the area below 70 is able to provoke a correction. Therefore, in the current circumstances it is better to maintain caution in the assessment of the immediate prospects. The fact that the growth of Bitcoin since last week, fueled by the outflow of funds from altcoins, casts doubt on the sustainability of the rally. Without any further significant news triggers the growth reference of cryptocurrency can get bogged down, never reaching up to 10,000.
The market also fuels the rumors that Chinese millionaires evade the prohibitions of the government, buying for cryptocurrencies property in the United States, however, such reports can hardly be taken as serious news drivers, which increases the chances of a corrective pullback in the cost of BTC and lets hope for some increase of altcoins after a lengthy sales.