Bitcoin posted a 5.8 percent gain last Monday, furthering its lead on other coins Ethereum (ETH) and Ripple (XRP), Bloomberg reported.
The pioneer cryptocurrency has recently been approaching what could possibly be its biggest bull run so far. Analyst Mati Greenspan tweeted yesterday:
We might just be on the cusp of the largest bitcoin bull run in history.
— Mati Greenspan (@MatiGreenspan) July 23, 2018
BlackRock, Inc., the world’s largest asset manager, also recognized the potential of crypto recently. This could have contributed to this sudden increase, seeing as bitcoin is undoubtedly the most recognizable cryptocurrency as of present.
Prices are on the brink of breaking the $8k (Php428k) mark, building on its 19 percent surge last week. Compared to bitcoin, other cryptocurrencies are lagging: the largest digital assets included in the MVIS CryptoCompare Digital Assets 100 Index only registered 0.7 percent gain, and ETH-USD rates are at $461 (Php25k) after posting only a small percent increase.
This remarkable run comes after a generally bad performance for most cryptocurrencies in the past month. BTC, ETH, XRP, and the market as a whole was affected negatively by reports of crypto exchanges getting hacked, amongst other occurences. Some are still skeptical, however, and cautious of what may be a bull trap.