Bitcoin price weekly analysis 23 July: Big gains see BTC edging towards the $8,000 mark
A big week of gains has erased recent losses as bitcoin surges ahead.
Key takeaways
- Bitcoin keeps rising with big gains this week.
- CoinMarketCap says BTC is now responsible for almost half the cryptocurrency market's total value
- The G20 will be putting anti money laundering regulations in place this year for crypto markets.
After a big jump last Wednesday from around $6,700 to just over $7,300, bitcoin has maintained a steady upward trajectory recording a 15% gain over the last week.
BTC is currently trading at between $7,700 and $7,800 with trading volumes rising in parallel with the price after a quiet time over the weekend.
The 24-hour trading volumes peaked last week at over $6.8 billion on the back of that big price jump. They fell back for the rest of the week to a low in the $5 billion region before plummeting to around $3.4 billion over the weekend. Over the last 24 hours, the 24-hour trading volume has risen to the $5 billion range again.
If we look at BTC over the last month or so, we can see that the price has been rising, although June tested out nerves as there was a substantial dip. But the overall trend has been upward. When we look at the top ten coins by market capitalisation, we see that BTC is performing very well at the moment. And with the next four coins by market cap falling over the last week, bitcoin now constitutes over 46% of the entire cryptocurrency marketplace. That's an all-time high proposition according to Coin Telegraph.
The big news in the markets over the last 24 hours is a move by the G20, the group of countries with the world's 20 largest economies, to come up with a plan to apply anti money laundering (AML) regulatory standards to the cryptocurrency sector by October this year.
This is yet another move that will see more money enter cryptocurrency markets as institutional traders will gain confidence that some of the shadier operators in the cryptocurrency world will see the area they can work in shrink further.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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