Categories: Bitcoin Business

Bitcoin Surpasses $30 Billion Market Cap

Click here to view original web page at

The past few days Bitcoin has been reaching and breaking past all time highs seemingly every hour. Last night, after a short pullback of 2%, massive buy orders appeared on exchanges pushing the price to new heights. Today, the market reached yet another all time high of $1892 per coin.

Given the current price increase, Bitcoin’s market cap has risen over $3 billion since Monday only, putting it at a current record high market cap of just over $30 billion. To put that in perspective, according to NASDAQ, PayPal’s stock market cap is at $59.87 billion. While Bitcoin is still nowhere near the amount of transactions compared to PayPal, it is interesting to see how the two payment solutions compare against each other. In comparison, VISA’s market cap is a whopping $212.88 billion, and MasterCard’s is at $124.82 billion.

We speculated earlier that the market might have been forming a head and shoulders pattern, however that theory has been proven wrong as Bitcoin’s price launched an extra $100. Looking at the increased trading volume, it looks like this rally still has fuel left.

As the May 15th deadline approaches for the SEC to make a decision on the appealed Bitcoin ETF application, the market is eagerly awaiting. Take a look at this chart reflecting Bitcoin’s price when the SEC first denied the application on March 10th:

As you can see, the price tanked over 30% from a high of $1350 to a low of $980. Up until that point, the price has been on a steady climb from January. While it is true that basing trade decision on past market action is not reliable, it is important to understand that unregulated cryptocurrency markets are more prone to manipulation.

Another interesting development to keep an eye on is MtGox’s possible rise from the ashes. We all remember MtGox as the exchange which went down and was responsible for the collapse of Bitcoin’s first bubble. However, due to Bitcoin’s recent price hike it is possible the exchange could reimburse creditors after all and avoid liquidation and bankruptcy.

According to our calculations, Bitcoin’s price would have to rise to approximately $2900 to allow MtGox to repay its customers. In the event that MtGox is able to repay its customers, that will undoubtedly create positive pressure in the market and may send Bitcoin price to even higher astronomical levels.

Speaking of Japan, while there was a dip in volume last night which created a roughly 2% pullback, that volume is back. Japan has been leading this rally as volume on their exchanges has increased drastically. Furthermore, the CEO of one of Japan’s largest Bitcoin exchange has released a statement claiming the volume coming from the exchanges in the country is real. Unlike Chinese exchanges such as BTCC, OkCoin, and Huobi that didn’t charge fees for trading, Japan is extremely careful with compliance and regulation. Since legislature outlining Bitcoin exchange protocols has only recently been passed, the platforms have been treading with caution. Mike Kayamori, CEO of QUOINE said:

“We are charging fees on all trades other than spot trading of BTC/JPY. Every other currency pair, as well as margin trading, there is a fee. And our spreads are quite large, hence our volume is actually lower in April/May than it was March.”

Last but not least, China may soon resume withdrawals from their exchanges, as the PBoC is looking to finish drafting the final pieces of AML and KYC regulations for Bitcoin exchanges by June of this year. This is another factor which is most likely responsible for the recent rally.

Combine the upcoming ETF reconsideration, Japan’s extreme adoption, and China’s possible resume of withdrawals and you get a $1892 Bitcoin.

Dislaimer: This is not trading advice, this article is for educational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

3 hours ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

3 hours ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

3 hours ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

3 hours ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

3 hours ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More