Bitcoins extends gains as analysts predict bullish run to continue

  • by Ahmed Mamdouh
  • August 29, 2018, 3:3 AM
  • 1090 Views
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The Bitcoin resumed its rally on Wednesday, trading above $7,000 for the first time in 20 days, as investors digested the SEC delay to Bitcoin ETFs.

The leading cryptocurrency is meanwhile trading 2.17 percent up at $7,082.21, the highest level since August 7, according to CoinMarketCap.

Bitcoin price could extend its bullish run if stabilized above $7,000, especially after it closed above its 50-day moving average since July, based on Bloomberg composite weekday prices.

It seems that investors have digested the news that the SEC had delayed decision on Bitcoin ETFs, where the final say will probably be in February 2019.

However, Morgan Creek Capital Management Chief Investment Officer Mark Yusko told CNBC that large mainstream investors were highly interested in investing in cryptocurrencies.

Yusko said the recent tumble in bitcoin prices have provided some institutional investors a "more rational way to evaluate cryptocurrencies," anticipating that Bitcoin will climb to $500,000 in the upcoming years.

Despite the rally in bitcoin, it has lowered its market cap dominance to 52.6 percent from 53.3 percent, as substantial gains by some digital currencies, most notably EOS (+15%) and IOTA (+10.35%), encouraged some traders to flock to other cryptocurrencies.

Among the top 100 virtual currencies, Noah Coin reported the highest advance, with a whopping 74.14 percent leap to $0.002115.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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