Bitcoin stays excessively strong on Tuesday during the Asian session. It seems like it has just taken off from where it stopped at the close of the American session. The pioneer digital coin broke the $8,000 and touched $8,187 late Monday. That represents a 17.4% or $1,214 gain during Monday’s trading session. It then made a quick dip below $8,000 which for now acts as a catapult to surge further.
Bitcoin’s upside appetite seems insatiable for now. At the time of writing, it has touched highs of $8,337.26 at around 08:01 GMT on Tuesday morning. Notably, its market dominance now stands around 59.7%, its highest since September 2017. That shows that its growth rate is outpacing the rest of the general crypto market.
Why the Surge?
The crypto industry is enthusiastic about further market developments currently taking place. Participants and analysts confirm that this time the growth is taking place with strong trading volumes reported which is a positive signal for the digital assets.
Although at the moment it is not yet clear what might have triggered the strong recovery, experts and analysts point to a faster rate of institutional adoptions. Recently companies like E*Trade and Fidelity Investments have expanded their presence and investment in the nascent industry.
Furthermore, these mainstream companies together with others like eBay and Whole Foods are also rumoured to consider including digital currencies as a means of payment. Besides that, Bakkt which is a venture that features Intercontinental Exchange Inc. stated that Bitcoin futures would launch in a test mode in July. Before that, there was no clear date as to when Bakkt would launch.
The positive sentiments in the market currently are seeing more traders buy the token. With the buyers overpowering the sellers, the price may continue to surge. However, the actual underlying reason for this surge may not yet be known but the bulls, for now, are dominating. Currently, it is consolidating around $8,100 awaiting the next price action.