The total market capitalization of cryptos may have declined from its intraweek high of nearly $300 billion. This could not stop Bitcoin from seizing a greater market share from its most important rival Ethereum and the other altcoins this past week. BTC market cap jumped three percent to reach 45 percent of the total market capitalization share for the space.
This has translated into a significant price movement for the king of cryptos. Today, BTC smashed through the $7,500 ceiling and gained serious strength in the last 24 hours. The crypto kingpin tacked on approximately 18 percent so far this week since the morning of Monday, July 16th when the BTC price stood at a thousand dollars less. Bitcoin is successfully defending its price gains (for the month) of nearly 21 percent so far.
None of the 20 largest cryptos (per market cap) gained or lost in excess of one percent so far today. Bitcoin’s major rival Ethereum suffered a minor decline on the day. The world’s largest altcoin notched gains of around three percent so far this week with a price of approximately $463.
Major Institutional Investor Moving Into Cryptos
Another factor boosting the cryptocurrency space is a possible major institutional company making its way onto the crypto global stage.
Investment firm behemoth, BlackRock, just announced that it will seriously consider launching its own Bitcoin futures.
This has only encouraged the BTC bulls. Over the weekend CEO Arthur Hayes of the BitMEX exchange weighed in on the current rising BTC upswing. He indicated that the crypto king’s present bull market trend could possibly pull back to a price level of approximately $5,000 before it roars on up towards $50,000 later this year.
Bitcoin Futures’ Contract Volume and Open Contract Numbers Expand
Also boosting the space is the fact that over the weekend the Chicago Mercantile Exchange announced that the daily average volume of Bitcoin futures has expanded by 93 percent for the second quarter of 2018 versus the first quarter of the year. The quantity of open Bitcoin futures’ contracts grew by 58 percent in the same quarter over quarter period.
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