The cryptocurrency market performed extremely well last week. Bitcoin has been gaining $100 every hour. It reached as high as $8265. Currently Bitcoin is trading at around $8100. Altcoins have waited a little before they followed Bitcoin. Massive amount of money flowed into the crypto market. The overall crypto market is over $239 billion. It gained $51 billion since last week. Bitcoin’s market dominance reached 60% during the last week which was the level we haven’t seen since December 2017.
Bitcoin was rising despite the bad news, including Tether reserves not covered fully, Binance $41 million hack, Warren Buffet calling Bitcoin a gambling device and U.S. Congressman Brad Sherman urged Congress to pass a law that would ban Americans from purchasing cryptocurrencies. Massive influx of money came to the market maybe in anticipation of a big announcement such as Fidelity offering crypto trading service. Big institutional players are getting into the crypto space. A recent Fidelity survey showed that out of 441 institutional investors 47% think digital assets should have a place in their portfolio.