Crypto Prices Are Recovering Strong Today, But What’s Going on to Cause It?
It looks like we’re starting off the week right! Crypto prices have been surging over the last 24 hours and we’re happy to see it. Though the crypto markets have been hurting in recent months, we’re seeing a different picture to start the week.
Price of BTC-USD over the past 24 hours
Over the past 24 hours, some of the market’s biggest players have gained strong price increases. Just looking at the market, we see.
Bitcoin (BTC): Up 4.6% over 24 hours
Ether (ETH): Up 6.13% over 24 hours
XRP (XRP): Up 4.91% over 24 hours
Bitcoin Cash (BCH): Up 10.9% over 24 hours
EOS (EOS): Up 8.4% over 24 hours
That’s all great news, but what’s causing the movement in crypto prices? Let’s look at some reasons below.
BlackRock Interest Confirmed
Recent news confirmed that one of the largest asset-management firms, BlackRock, is looking into cryptocurrencies and blockchain technology. First reported by the Financial News in London, then later confirmed by BlackRock’s CEO, Larry Fink, with Reuters, the news is big. BlackRock’s decision to start evaluating the cryptocurrency markets means more institutional interest.
While the crypto community at large is not a fan of regulation, institutional money is typically interpreted as a good sign. BlackRock is looking at what their competitors are doing and what they need to do to stay competitive. At a time when the crypto markets are still comparatively young, institutional money can mean big things for the industry.
Though it may not seem exciting for many, the markets are likely reacting positively because of what institutional money can do for the industry. Institutional money means crypto may be closer to mainstream adoption and recognition. In response, crypto prices go up!
Coinbase Adding New Coins In Future
The other big announcement likely causing crypto prices to surge comes from Coinbase. The popular exchange, perhaps one of the most well-known and used exchanges in the US, revealed that it’s looking at new cryptocurrencies to add to the platform.
As of now, the platform only supports bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC). However, in a recent blog post, Coinbase revealed that there are 5 other cryptocurrencies they’re currently interested in. While the company made no promises about adding all/any of the currencies, they listed 5 that they’re investigating right now:
Basic Attention Token (BAT)
Stellar Lumens (XLM)
This announcement likely had an effect on crypto prices due to the prominence of Coinbase. Because of how easy the platform is to use, Coinbase has acted as an on-ramp for many to get started in the cryptocurrency markets. Additionally, the same company offers a more advanced interface, Coinbase Pro, for those desiring more options.
As we’ve seen in the past with other cryptocurrencies, Coinbase announcements and inclusions often mean big crypto price upswings. It should come as no surprise that that’s likely what’s happening now.
Crypto Prices in the Future: What’s In Store?
As is always the case, there’s no way to know for sure what the future of the cryptocurrency markets is going to look like. However, if we continue to see additional institutional interest in the market, then we’re likely to see more growth overall.
Though institutional investors aren’t required for healthy crypto markets, their entry into the industry signals to more casual investors that the period of unknown is coming to a close. At the moment, those brave enough to get in now still have the advantage of being (comparatively) early adopters compared to the rest of the financial world. Let’s take advantage of that while we still can.