The total crypto market capitalization has surpassed the $300 Billion mark and is currently valued at $301.5 Billion. With the increase in volume of the crypto markets, Bitcoin (BTC) has broken past two recently stated resistance levels of $7,600 and $8,000 in quick succession and in a period of less than a week. The King of Crypto is currently trading at $8,310 and looks set to get to $10,000 by the time August rolls by.
With the increase in value of BTC comes the question of whether the current Bitcoin rally will continue into the rest of the year. Many crypto-traders have been treading cautiously as they too are not sure if this is an official bull run or the feared bull trap.
Brian Kelly, a regular contributor on CNBC’s Fast Money offered his insights as to why the Bitocin rally is here to stay. To begin with, Kelly stated that the current Bitcoin ETF frenzy is one of the driving forces of the current market excitement. Many traders believe that the SEC decision will be made around the 16th of August but Kelly believes that the chances of the Bitcoin ETFs being approved in 2018 are very slim. He stated that:
The chances of an ETF in 2018 are relatively low…but that does not stop the speculation on that. And that is one reason why we have seen this bottoming process to $5,800 all the way up here
A second reason the Bitcoin rally is here to stay according to Brian Kelly, is the interest of the crypto markets by institutional investors. He added that:
Institutions are starting to get serious. I can tell you from the calls I am getting. People who looked at [BTC] in December did not like the price. They are coming back now and saying, ‘Alright this thing is not going away. We need to understand what it is.’
The third reason why the current Bull run will continue, is that the said Institutions have acknowledged what is known as ‘Web 3.0’. Kelly described Web 3.0 as follows:
Web 3.0 is the new Internet, an improved Internet, with data that can be monetized. How do you send something of value across an open network like the Internet? With a cryptocurrency, and that is exactly why institutions are starting to get into this [bitcoin]. They’re seeing how this fits into a portfolio of Web 3.0 stocks.
In conclusion, even thought leaders such as Brain Kelly believe that the current Bitcoin rally is here to stay.