Price Watch:
Bitcoin increased nearly 9% this week after a non-trivial gain of 18% last week. The price was all over the place this week, increasing by nearly 5% overnight to the $7,700 level. Other coins, including the recently launched Augur, suffered as bitcoin’s price continued to rise. The prices further rose on Tuesday to nearly $8,300 as altcoins continued to get pounded. The price surge didn’t last long falling back to the $8,100 level. It looked like the price wouldn’t recover as volume flattened, but recovered on Wednesday to hit the critical support level of $8,500. The price took a hit on Friday dropping down to $7,900 after the Winklevii’s ETF was rejected by the SEC but ultimately recovered above the $8,000 mark heading into the weekend.
Ethereum is down 0.58% after a modest 5% gain last week. Ethereum is representative of lots of altcoins that have made modest gains or big losses. Towards the end of the week, ethereum and other altcoins rebounded as volume exploded.
Coin Market Capitalization is up 5% this week: The coin market cap soared pass the critical $300 billion mark this week, hitting a 2-month high. The price increases come as a discussion around a bitcoin ETF has picked up. There has also been additional optimism due to some big steps that were taken by institutional investors over the past several weeks. The price finished just below the $300 billion mark at $294 billion.
