It seems that the growth of the bitcoin exchange rate is now accompanied by a wide interest of investors to this coin, who seek to buy it. Let's look at a number of reasons that probably played or are playing a significant role in this rally:
Fidelity will offer the service of trading digital currencies for institutional investors
In recognition of the cryptocurrency American company Fidelity worth $1 trillion. she promised to integrate "institutional bitcoin trading" into her services.
More than 22% of Fidelity's institutional investors already own bitcoins in their portfolios, while half of the investors are thinking of integrating them with the company.
Wanting to meet the needs of its investors, Fidelity is going to deploy institutional bitcoin trading through its Fidelity Digital Assets platform.
Bitcoin and hash rate is growing
Bitcoin is slowly and surely going to mass recognition, and its hashrate increased by 377%. The number of transactions in blocks also increased by 20%. It seems that these signals, combined with the growing interest of investors in bitcoin, indicate that the coin is on the way of mass recognition.
Peter Brandt on bitcoin
Known for its accurate predictions about the bearish bitcoin market (since January 2018), the popular cryptanalyst Peter Brandt has once again been on top, making a prediction about bitcoin.
In his latest analysis, he made a comparison using the weekly moving average (MA), saying that bitcoin could just break through $6000 and continue on its way, as it did in November 2015 with its movement from $340 to $19,800. Breaking through this psychological boundary, bitcoin really began a significant "parabolic" movement.
History with 200 EMA repeats itself?
EMA – an exponentially weighted moving average is a signal that helps investors make decisions on their favorite cryptocurrencies.
In October 2015, when bitcoin broke through the 200 EMA line, it became apparent that the coin would play a dominant role in the cryptosphere. It looks like bitcoin's steps have been similar in recent weeks. The coin took advantage of the short-term rally and crossed the 200 EMA line. Can history repeat itself? I guess so!
Ichimoku analyst predicts $10,000
Among the bitcoin predictors who "push" the coin to win, was the technical analyst of Ichimoku Mitoshi Kachu. He said that bitcoin will overcome the mark of $ 6250 on may 14-15, but it happened on may 10. In his opinion, this level will give impetus to the race up to $10,000.
Path to bitcoin ETF
Exchange traded funds - ETFs registered by the US SEC help track the movement of commodities such as gold.
In the same way, they could help to invest in the bitcoin market without the risk of buying or selling the underlying asset. In recent years, bitcoin enthusiasts have expressed a great desire to work with such a tool, but the SEC does not miss bitcoin ETF.
However, the light at the end of the tunnel seems to have appeared - recently the American "Trust company of stock indexes" also applied for bitcoin ETF.
At the time of preparation of this post, according to CoinMarketCap, the bitcoin rate (+4.98%) was $7131 with a market capitalization of $126 billion.