Crypto Markets Rally, With Bitcoin Pushing $7K, Ethereum Close to $500

Crypto markets are rallying, with Bitcoin pushing the $7K price point, and Ethereum close to $500, and an $13 billion uptick on total crypto market capitalization today.

The crypto markets are on a strong upswing today, July 8, as data from Coin360 shows, with with Bitcoin (BTC) pushing the $7,000 price point. Virtually all of the top 100 coins by market cap are green on the day to press time.

The markets have seen just over a week of solid consolidation of gains first claimed in their late June rebound, and today appear to be pushing even higher resistance levels.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin is trading around $6,752 to press time, up 3 percent over the 24-hour period, bringing its weekly gains to a solid 6-7 percent. The top cryptocurrency gained over $230 in value in the space of a little over one hour this afternoon, seeing a sharp 3.5 percent gain, before trading sideways for the rest of the day.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Top altcoin Ethereum (ETH) is trading around $489 to press time, up almost 5 percent over the past 24 hours, and almost 9 percent on the week. The coin’s intraday high peaked at $492.56, bringing it tantalizingly close to reclaiming the round $500 price point.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, the top ten coins by market cap are all solidly in the green, with gains of within a 2 to 7 percent range.

Among the top ten cryptocurrencies, IOTA (MIOTA) is currently seeing the most growth over the past 24 hours, up almost 7 percent and trading around $1.12 to press time.

Bitcoin Cash (BCH) is up a solid 5 percent over the 24-hour period, trading around $766 to press time.

Total market capitalization of all cryptocurrencies is now at around $276.6 billion at press time, having gained a vertiginous $13 billion in the space of about two hours earlier today to reach $279.5 billion.

Total market capitalization

Total market capitalization of all cryptocurrencies from CoinMarketCap

There has been a recent steady stream of high-profile positive news in the crypto and blockchain space that could account for today’s wave of confidence.

Two key appointments have been announced, with Facebook’s Director of Engineering of three years moving to the same position at the company’s recently established blockchain team.

Meanwhile, the Winklevoss twins’ Gemini crypto exchange has hired former New York Stock Exchange (NYSE) Chief Information Officer Robert Cornis as its first-ever Chief Technology Officer.

Bullish news for the global crypto landscape include yet further signs that the government of South Korea –– historically a major crypto market –– is considering easing its hardline stance on cryptocurrencies to establish unified rules with other governments, as well as embracing the wider blockchain space.

Positive news has also been forthcoming from some of the world’s leading crypto exchanges, with new overseas ventures and expectations of skyrocketing revenue.

Huobi, currently ranked third largest crypto exchange by daily trade volumes, opened registration on its newly created U.S.-based “strategic partner” trading platform this Friday, July 6.

On July 5, the exchange confirmed trading had opened on its new Australia-based platform, just a week after opening a London-based office targeting the European market.

Also this week, Changpeng Zhao, the CEO of the world’s top ranked crypto exchange Binance said he “expects” the company’s 2018 net profits to reach up to $1 billion.

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