Bitcoin (BTC) has once again proved itself as being the King of Crypto. Its amazing 10.65% gain in the last 24 hours, and at the moment of writing this, has enabled BTC to rise from levels of $6,700 just yesterday, to current levels of $7,424. As a result, all other coins and tokens are in the green. As a matter of fact, the total market capitalization has risen from Sunday levels of $250 Billion to current levels of $293 Billion. At this rate, the $300 Billion total market capitalization will be reached by the start of the weekend.
But how will Bitcoin do another 10% in 24 hours and get to $8,000?
Only a few hours ago, Global Coin Report had indicated the following 4 factors as to how BTC will get to $10,000:
- Proof positive Technical Analysis that indicates the only direction is up for the King of Crypto
- The Bitcoin ETF discussion with a pending ruling by the SEC in August
- BlackRock Investment firm declaring they are exploring blockchain and cryptocurrency
- Billionaire Investor, Steven Cohen announcing that he was investing in a crypto hedge fund
The current market surge is as a result of the above 4 factors. But there is a new development that will make the 10% gain a possible repeat in the next 24 hours.
This new development is that the new CEO of Goldman Sachs, David Solomon, is also eyeing Bitcoin and cryptocurrencies. It is now official that the New York-based investment bank is looking into adding Bitcoin and Cryptocurrency services to its portfolio. The new CEO stated that the bank is currently offering clients publicly traded derivatives tied to Bitcoin.
Mr. Solomon knows that investment banks need to evolve with the times to stay relevant. Otherwise, their fate will be similar to that of the Polaroid camera or Kodak which slowly became obsolete for lack of embracing technological change. Solomon is quoted as saying:
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
This is a clear indication that the current reversal of fate in the crypto-markets might just be permanent and a $25,000 BTC value by the end of the year is still a possibility. There is also the new feeling that Bitcoin could replace fiat currencies in the near future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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