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Bitcoin is on a strong recovery path according to the latest market data. The main crypto gets a boost as a result of changing market dynamics. Recently, China has put in place tough laws against Bitcoin and other cryptocurrencies. New disapproval orders by the US SEC did not help the situation either. As a result, the price of cryptos has been on a downward trend until the latest recovery trend. As of now, the price of Bitcoin stands at $7,016. The strong growth has been reflected in all other major alternative cryptos as well.
In terms of percentages, Bitcoin has seen a 4.1% growth during the week. This has resulted in the 9.1% monthly gain. On the other side of the market, Ethereum has recorded a 3.4% growth over the week. Even though the coin is yet to attain a $300 price point, this weeks recovery has seen it get closer to the mark than any other preceding week. As reported by Cryptotraderpros.com, the price of Ethereum will recover to its initial pre-turmoil levels but this will take some more time.
General Progress Reported on the Overall Market
Looking at the wide market, the crypto with the strongest is IOTA (MIOTA), with a 19.4% gain. Other coins in the top ten include Cardano (ADA) with 9% growth, Litecoin (LTC) up 7.64% and Ripple (XRP) up 7.3%. The strong IOTA growth is not surprising since it got backing from Fujitsu. The Japanese conglomerate announced that their envisioned audit trail processes will be backed by IOTA. The proof-of-concept (PoC) that will be launched by this company is seemingly attracting investors. According to CoinMarketCap, other coins including TRON (TRX), NEO and DASH have experienced over 10% growth on the day trade. The market cap for all currencies has also gone up this week to about $230.55 billion.
The new data is encouraging for investors in the crypto market. Other notable issues from recent data include the recorded declining bearish positions for non-commercial bitcoin futures contracts. The US CFTC has recently released data that while the market is still net short on average, things are looking better in terms of recovery. Up to 30% recovery has been recorded in overall.
Blockchain's Eminence Continues to Grow
Blockchain is also continuing to attract even more big firms if this week's events are anything to go by. During the week, Deloitte and PwC, who are regarded among the 4 biggest audit firms released reports on blockchain. The reports have indicated that the trust on the platform is still growing.
It is not just the audit firms that are giving a thumbs up to blockchain though. Actors in the financial world including JP Morgan through its CIO said that the platform would replace current technologies soon. Deutsche Boerse (DB) in Germany, increased its partnership with HQLAx - a blockchain-based platform.
In Asia, the South Korean government recently made it known that a hackathon was in the works to promote adoption of blockchain by both the government and private entities. Recent reports have shown that all kinds of entities, whether in the financial world or otherwise, are gradually warming up to the blockchain infrastructure.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.