Cryptocurrency market rises as sentiment returns

Bitcoin has risen to a six-week high today as the cryptocurrency market regains its swagger.

Positive sentiment seems to be returning with the possible entry of major financial institutions into the crypto space.

Such news is lifting opinion on the overall cryptocurrency market.

The digital currency is rising again after an unmerciful 50 percent loss in the first quarter of this year.

This price drop follows an almost 1,400 percent surge in 2017.

According to the Coin Thud live price charts, Bitcoin is up almost 5.5 percent on Tuesday, showing $9,400.

The demand for Bitcoin is also driving the rest of the cryptocurrency market up with it.

The number two and three digital assets, Ethereum and Ripple, are also gaining value.

The total market capitalization of all digital currencies has just passed the $430 billion mark, according to Coinmarketcap.

That is the highest market cap since early March.

According to the co-founder of cryptocurrency ZenCash, Rob Viglione, investors are now seeing the long-term potential, saying:

“The space has remained relatively stable over the past several weeks and crypto markets are reacting with resilience as people start to gain a more nuanced understanding of the long-term potential of blockchain technology.”

A piece of the action

The underlying Blockchain technology behind cryptocurrencies can be utilized to transfer, record, and track assets across all industries.

A piece of the action

The underlying Blockchain technology behind cryptocurrencies can be utilized to transfer, record, and track assets across all industries.

Industries are now starting to recognize how this digital ledger of transactions can be hugely advantageous.

News that key financial institutions are becoming more excited about this space is bolstering the confidence of retail investors.

Numerous media publications are reporting that Goldman Sachs is hiring crypto trader Justin Schmidt.

Schmidt will be the first head of digital asset markets in the firm’s securities division.

Barclays PLC is also gauging interest from its clients regarding a potential launch of a cryptocurrency market trading desk.

One in five financial institutions is now contemplating trading cryptocurrencies within 12 months, according to Reuters.

The survey published by Thomson Reuters shows that, of those looking to trade on the cryptocurrency market, 70 percent were planning to start trading in the next three to six months.

The chief executive officer of blockchain technology company, ULedger, Josh McIver, says:

“I think the public catching wind of news that Goldman Sachs and other financial powerhouses are not just showing interest but pro-actively hiring and investing in the crypto markets is instilling a positive sentiment across the board.”

In the last 24 hours, a total of $28 billion has been traded in the cryptocurrency market.

This number is the largest trading volume since February 10.