Since the evening hours of July 13, the Bitcoin price (BTC) has been higher than it has been this year. The largest cryptocurrency by market capitalization cracks its high for the year and thus benefits from the developments around the altcoin XRP and the Ripple company. However, the latter only gave the Bitcoin price a further boost in an already strong year.
At the time of writing, Bitcoin price is $31,368. It’s up 3.35 percent in the past 24 hours. In the course of the week it recorded an increase of 3.75 percent. Within the past month, the course has increased by a whopping 21.1 percent.
Bitcoin price at annual high – what happened?
As BTC-ECHO reported on July 13, US crypto firm Ripple has won the court case against the US Securities and Exchange Commission (SEC).
An important signal for the entire crypto sector. Coins such as Ether (7.75 percent plus), Cardano (ADA) (25 percent plus) or Dogecoin (9.3 percent plus) were able to pick up strongly afterwards.
The increase in the Bitcoin price by 3.35 percent can almost be described as mild. For Bitcoin investors, however, this should be interpreted as a positive sign. Because it indicates in the overall comparison that Bitcoin is less impressed by legal disputes with “the small Altcoin”.
ETF applications and dream performance
But the reasons for the increase are diverse. Because the Bitcoin course has already done well throughout the year. The cryptocurrency has outperformed almost all other assets since the beginning of the year. With the prospect of the halving next year, there could still be room for improvement here. Because in the past, the Bitcoin price could always rise sharply after the halving.
The cryptocurrency is getting further tailwind from the Bitcoin ETF applications from US investment companies such as BlackRock. The latter had recently submitted a second application to the SEC after a previous rejection. BlackRock CEO Larry Flink had been clearly bullish about BTC in the course of the applications.
Positive signals from Wall Street, which were rather negative towards Bitcoin a few years ago. If the applications should go through, which is becoming increasingly likely over time, it would give the cryptocurrency another boost in legitimacy. This, in turn, could also result in increasing interest for institutional investors to include BTC in their portfolio.
In terms of chart technology, little has changed at BTC, so only the bullish target price of the last analysis was processed. The other course objectives remain current.
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