The price of cryptocurrency Bitcoin (BTC) increased to $ 8,000 in the course of trading on Thursday, after which a little staggered backward. It is interesting and important for two reasons. First, even a 10% increase in Bitcoin seriously increases the total capitalization of the cryptocurrency market, from 280 to 310 billion dollars is a lot. Second, it could mean the beginning of a new bull market, everyone is waiting for a very long time.
Cryptocurrency market is going through cycles of UPS and downsthat are accompanied by joy and depression, respectively. Yesterday, holders of bitcoins got a boost of optimism when the price of BTC rose to $ 1000 just a half hour. This is the highest rise since the end of March and 11 percent growth per day.
Despite the green arrows on the charts, the end of March and beginning of April were quite gloomy for owners of the “digital gold”. The news heralded the “death cue”, “the bursting of the bubble”, the “death cross”, but nothing happened. The reason for new growth is called the lifting of the ban on the possession bitcoins under Sharia law, which opens up a market of 1.6 billion people, and the entrance of large institutional investors to the market. The intention to invest in cryptocurrencies recently revealed George Soros, for example, followed by the Rockefeller family and the Rothschilds.
The news can support the further growth of Bitcoin. Most of the alternative cryptocurrencies have also supported the growth of the flagship (market share of BTC — 42%).