The crypto market seems to be leaping in considerable bounds as Bitcoin is comfortably on the way to hitting the $10 mark in the near future. At the time of writing, the entire market cap jumped higher than $301 billion which is the first time we’ve seen a figure this robust in more than a year.
Data from CoinMarketCap shows that the market surprisingly climbed higher than $304 billion earlier today, although it’s now dropped a bit by about $1 billion. This recent move puts the number one asset’s Year-To-Date performance higher than a 140% increase.
Bitcoin is the Catalyst
The number one coin is currently trading above $9,800 and is expected to inch close to the $9,900 mark and ultimately cross it to $10,000. Bitcoin’s market capitalization is now above $174 billion and as it has happened a few times, other coins are positively affected with some recording gains in percentages higher than Bitcoin’s.
Bitcoin Cash (BCH), the fifth largest crypto, recorded a 7% 24-hour gain with Ethereum gaining 7.69%. As unlikely as a Bitcoin pullback is any time soon, if it does happen, it might make sense to assume that altcoins will also drop, as their rise was sparked by Bitcoin.
So, What Sparked Bitcoin?
Before now, the Federal Reserve had disclosed a decision to drop the currently available interest rates. This change alone was responsible for a substantial injection into the equity funds to the tune of $17.87 billion. It was the highest amount to enter the market within a week since before April.
The outlook floated over to the cryptocurrency market where the Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $273 million, its highest ever. The performance, especially on the CME, points to significant and increasing interest in the number one coin, which is enjoying huge institutional investment.
An interesting and very bullish outlook was offered by Bitcoin Foundation’s founder, Charlie Shrem. According to Charlie, Bitcoin is set to become so impossible to ignore in the near future that the price at which anyone’s coins were bought would be less important than the fact that it was purchased at all.