Are we in for a Bull Run?
In anticipation for a possible Bitcoin ETF, Bitcoin managed to briefly surpass the 8,000 dollar mark today.
Many people in the crypto community are stating that this is indicative of a long awaited bull run that could surpass the “all-time highs” of 2017. However many are still skeptical of these claims; if you remember we had a short lived bull run earlier this year in February, overall market cap was able to recover to $500 billion.
What makes this run any different from the last you say? This time around there have a major increase in trading volume, almost double to be exact. We have gone from an average daily volume of 10 billion to 20 billion, thanks to the introduction to a new set of financial tools that allows for institutional traders to dive into the markets. Just recently Coinbase announce the opening of their custody platform, which allows for secure storage of crypto assets backed by FDIC for institutional traders, additionally grayscale institutional trust just expanded their portfolio holdings to include more crypto assets such as ethereum classic.
Will this last? Only time will tell, I personally believe we will see sustained growth in the market if an approval for Bitcoin ETF is passed. This will allow for significant liquidity to enter into the markets paving a way for new “all-time highs”, the like of which we have never seen before.
