The FOMO has finally returned to crypto markets as scenes reminiscent of late 2017 start to unfold this week. Bitcoin has been the clear leader with dominance almost touching 60 percent and a surge over $8,000 for the first time since July last year.<\/p>\n
The BTC maximalists are full of hopium<\/a> again today as their daddy blasted past another resistance zone and hit a new high of $8,050 a couple of hours ago. Asian trading has seen a slight pullback but the bulls are still grabbing the markets by the horns and keeping BTC buoyed up.<\/p>\n Trading at just below $8k, Bitcoin is up 14 percent on the day in its second thousand dollar surge this week. At the weekend BTC pumped from $6,300 to $7,500<\/a> and many expected a correction which has yet to materialize. Over the past 24 hours BTC has pumped from just over $7,000 to top $8k for the first time in ten months.<\/p>\n Market dominance is a touch under 60 percent which is the highest it has been since mid-December when BTC surged to its all-time high of just under $20k. The move has been that big that mainstream media is back on the FOMO train with headlines<\/a> such as \u2018Bitcoin’s Surge to Almost $8,000 Rekindles Memories of Bubble\u2019.<\/p>\n Fundstrat co-founder Tom Lee told Bloomberg \u201cBitcoin is acting differently since moving above its 200-day moving average.\u201d He is not wrong; BTC has gone parabolic, almost doubling in price since early April where it traded at $4,100.<\/p>\n The increased interest from institutions such as Fidelity, E*Trade, and Bakkt has no doubt added to momentum. According to a medium post<\/a>, Bakkt will start preparations for user acceptance testing (UAT) for futures and custody, which they expect to start in July. There will be two contracts available; a daily settlement BTC future, enabling same-day market transactions, and a monthly BTC futures contract which will enable trading in the front month and across the forward pricing curve.<\/p>\n Institutions are clearly keen to cover their bases with Ikigai Asset Management CIO Travis Kling adding;<\/p>\n \u201cThis is a hedge against irresponsibility from governments and central bankers \u2026 the world is waking up to the value of a hedge against quantitative easing.\u201d<\/p><\/blockquote>\n \u201cThis is a hedge against irresponsibility from governments and central bankers\u2026the world is waking up to the value of a hedge against quantitative easing.\u201d@OJRenick<\/a> and @Ikigai_fund<\/a>'s @Travis_Kling<\/a> go down the checklist for why #bitcoin<\/a> won\u2019t stop rallying. — Schwab Network (@SchwabNetwork) May 13, 2019<\/a><\/p><\/blockquote>\nAll About The Institutions<\/h2>\n
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\ud83d\udcca $BTC<\/a> $ETH<\/a> $LTC<\/a><\/p>\n