Cryptocurrency markets rising, bitcoin and Ethereum break upwards
The stabilising cryptocurrency markets may be showing signs of a sustained rise.
Bitcoin has defended its $7,000 position for several days and Ethereum has climbed back above $400 after a week of erratic prices, with the cryptocurrency markets on the whole being buoyed by news of increasing institutional interest.
Adam Fisher, head of global macro investing at George Soros's $26 billion family fund has reportedly been given internal approval to start cryptocurrency trading, while the Rockefeller-founded Venrock investment fund has teamed up with Brooklyn-based CoinFund, Fortune magazine reports.
The movement might be a sign of growing maturity and stability in the cryptocurrency markets, which have been showing reduced volatility after plunging in the February crash.
"It is encouraging to see institutions with the historical track record of Soros and Rockefeller beginning to gain exposure to blockchain and cryptocurrencies," said Anthony Pompliano of the Full Tilt cryptocurrency VC fund, which was recently acquired by the traditional Morgan Creek hedge fund. "I anticipate more and more institutional capital will begin to pour in, hopefully leading to a more mature and sophisticated market."
Of the top 100 coins by market cap, according to CoinMarketCap, the largest 24 hour gains went to the Particl decentralised marketplace cryptocurrency, which climbed by over 40% to a $130 million market cap.
It was followed by the Substratum open-source, distributed computing network whose token saw gains of almost 15% and by the privacy-focused Veritaseum marketplace coin which rose by 10%.
Prices were up across the board, but a handful of tokens also lost ground against the US dollar. Of the top coins, the only 24 hour losses above 5% were the recently-released Ontology coin, which slipped 6% after rapid growth in previous days, and Elastos, a mobile dapp system which fell 10% after substantial previous gains.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.