Crypto market overview: Bitcoin, Ethereum and Ripple gained over 5% amid evidence of institutional adoption
|- Digital assets started the week with a strong rally.
- BlackRock news served as a catalyst, despite vague info about the company's plans.
Cryptocurrency market had a pretty solid start of the week as all major coins, including Bitcoin, Ethereum, Ripple and Litecoin, gained at least 5% on Monday, while the total capitalization of the digital assets market gained back about $10B and reached $227.8B.
A steady flow of positive news and convincing evidence of gradual adoption on institutional changed the mood on the market that has been in a steady decline since the beginning of the year. While it is still too early to claim the sustainable recovery on a longer term scale, the positive momentum is strong enough to take the prices to the next key levels.
On Monday it has become known that BlackRock Inc. was exploring the potential benefits of cryptocurrency and blockchain technology. This news became the last straw that broke the camel's back together with the short-term bearish trend. Speaking to Bloomberg, Larry Fink, chairman and chief executive officer at BlackRock shed some light on what the company was doing.
"As I have said in the past, we’re very excited about blockchain technology. But while the firm is studying cryptocurrencies to see how they’re performing, no clients have yet sought to buy one, he said."
“When it becomes more legitimatized, when it has a true open nature of it that you can identify who the players are on both sides, that’s when we’ll probably look at it,” he said.
Bitcoin is trading at $6,722, gaining $5.7 on a daily basis. The coin touched $6,750 high on Monday and settled marginally above 50-DMA. The nets resistance is created by 23.6% Fibo at $6,761.
Ethereum, the second largest coin with a market value $48.1B added 6.5% since this time on Monday to trade at $476 by the time of writing.
Ripple is the growth leader from the top-3. It managed to gain over 7%, chancing hands at $0.4790, off Monday's high registered at $0.4830. Ripple's market value is $18.8B.
BTC/USD, 1-hour chart
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