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Having slumped substantially last week, falling below a key resistance point of $10,000, Bitocin has managed to consolidate and use its steady gains over the last five days to springboard back above that $10,000 marker. The coin reaching a high of over $10,400 over the last 24 hours. 

This recent spike has taken the price of Bitcoin from around $9,800 to $10,400 overnight, a gain of over six percent. It was a rather rapid gain too, especially considering that it took Bitcoin five days to climb a mere 400 dollars after its quick slump at the middle of last week.

A lot of the reason for this spike comes down to an accumulation phase just short of the $10,000 mark, as well as charts suggesting that a price break out was on the way. Additional to that is the fact that Bitcoin’s dominance has finally cracked the 70 percent mark showing strong favoritism in the cryptocurrency space. However, altcoin shave also capitalised on the recent price rise from the major cryptocurrency. 

A consolidation phase

A few predictors said at the drop of the price in the major cryptocurrency that there was nothing to fear as, over the entire year, Bitcoin was performing well. In fact, Mike Novogratz even commented that the coin was in a consolidation phase. 

He went on to predict that the impending involvement of institutional investors in the crypto space would fuel the next leg of the bull run. He said:

“Bitcoin started the year at $3,800, traded at $3,500 and now it’s at $10,200 and so it’s up 200% odd percent already. It has had a huge run, and so I think this is a bit of consolidation.”

Good news coming back

Additionally, there are some who are drawing on the recent spate of good news that toes to Novogratz’s asertations about institutional interest. For instance, long-awaited Bitcoin futures trading platform Bakkt recently announced that it will start accepting deposits for its custodial service Bakkt Warehouse on September six. 

This deadline is fast approaching and with that there will be institutional investors who want to take advantage of that buying up Bitcoin to use this new, well regulated, service. Futures have been an enigma for the price of Bitcoin since they reached the cryptocurrency market. 

When they were first launched it was at the all time high for the coin, but this was followed by a substantial drop and the 2018 bear market. This launch from Bakkt may be different as the market is far more mature this time around 

Boosted altcoins

As is often the case, the altcoin market is following Bitcoin;s movement and most of the top 20 coins are also in the green, and some of them substantially so. The top gaining coin in the top 20 of coins is Ethereum classic which is up seven percent, but from there most coins are not doing as well as Bitcoin.

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