What’s going on with Bitcoin (available on Coinbase)? Yowza.

Last week was an impressive week for the coin but today saw it exceed itself by packing on a massive 10% in gains. Other cryptos are experiencing asTron (available on Binance)omical growth too; EOS is also seeing a 10% hike this week.

But Bitcoin (available on Coinbase), in particular, is out front in a league of its own with its massive 10% gain adding $9 billion to its market cap in under thirty minutes. 

The coin currently stands at the $7,360 mark. But elsewhere coins across the board have added between 5% and 10% in the past 24 hours. Bitcoin (available on Coinbase) Cash has made nearly a 5% gain and Ethereum (available on Coinbase) is shining also, with a 5.5% gain.

Analysis

The sudden explosion of Bitcoin (available on Coinbase) means the coin has smashed through its 50-day moving average. It is back above $7,000 for the first time since early June.

There is no catalyst for this price hike that stands out today. However, in other markets, it is notable that gold and tech stocks have performed poorly.

Source: CoinMarketCap. Bitcoin (available on Coinbase) Price TodayToday’s rally may have been supported by positive events such as the recent appointment of a new CEO for Goldman Sachs. David Solomon who has secured the coveted position has discussed Bitcoin (available on Coinbase) from a bullish point of view on multiple occasions. He has also admitted that Goldman Sachs is preparing to launch a “proper” cryptocurrency trading platform stating:

“We are clearing some futures around Bitcoin (available on Coinbase), 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. Goldman Sachs must evolve its business and ADApt to the environment.”

The last time we saw Bitcoin (available on Coinbase) surge like this was in April when it jumped up from between the $6k mark to over the $8k mark. It then had set a new resistance of $10k. Today’s surge now will see the coin aim for $10k resistance again.

The entire crypto market has packed on an extra $20 Billion today alone. An interesting week lies ahead.

Update: It appears that Coinbase is now down because of the bull-run across the market:

Here’s a sign crypto is hot. Who missed this screen? #Bitcoin (available on Coinbase) pic.twitter.com/kLz7bjrpPa
— Lucas Nuzzi (@LucasNuzzi) July 17, 2018

Featured Image: Deposit Photos/Olivier26

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