The market has been kind of slow since Bitcoin (BTC) price came up from under $3,400 to over $3,600. It even tasted a slight decline several times, mostly gaining enough to counter the slide. However today it has made a significant move above $3,700 and seems to be approaching the next big figure, $3,800.
This is quite a significant stride considering the market has been in a bit of a stale mode since the last time Bitcoin hit $4,000 at the beginning of the year. The price and indeed the entire market has been down since then with no sign of hope for its recovery. However, it seems something may be happening soon.
Not only Bitcoin but Ethereum (ETH) and the other top cryptocurrencies have followed suit. ETH is now trading at $138 at the time of writing with a gain of over 11% according to Coin Market Cap. XRP is at $0.3 and as a matter of fact, all top ten cryptocurrencies are in the green this morning.
Speaking of market capitalization, Bitcoin has just reached $65 billion and is very close to reaching $66 probably before the end of the day. ETH is on $14 billion significantly ahead of XRP which is at $12 billion although it’s close to $13 billion.
This sudden surge may have to do with the recent participation of institutions in the industry. Several institutions have invested in cryptocurrencies including two pension funds in the U.S among other private organizations. The challenge facing the industry’s growth has been a lack of participation from institutional investors who are starting to enter the market despite the lack of ETFs at this time.
Binance CEO Changpeng Zhao had earlier said the industry does not require an ETF to flourish. Could he be right? Bakkt, the institution friendly trading platform that is expected to save the industry, is to be launched at an unspecified time and Bitcoin ETF proposals are still waiting in line.
Although there are signs one of them will be approved soon, it seems to be taking longer than expected. Is the market beginning to grow on its own without the help of ETFs and Bakkt?