Senior Market Analyst at eToro: 'Bitcoin on Cusp of Largest Bull Run in History'

On July 23, 2018, Bitcoin prices broke resistance at two-month highs and added $18 billion to its market cap in under a week.

Taking to Twitter, Mati Greenspan, Senior Market Analyst at eToro social trading platform expressed optimism for the future price action of Bitcoin following its recent rally.

We might just be on the cusp of the largest bitcoin bull run in history.

While altcoin prices remain stagnant, Bitcoin has dominated market growth this past month.

According to the Bitcoin dominance chart, which tracks the percentage of total market capitalization occupied by leading cryptocurrencies, BTC rose in the past three months from a 36% dominance in early May to nearly 47% at press time.

Over the last seven days, Bitcoin prices increased over 20% - indicating a potential breakout towards the next resistance level at $8000.

The news follows a recent report revealing that the Bitcoin hash rate, which indicates the volume of Bitcoin miners on the network, has been amplifying since the beginning of 2018 despite a multi-month price decline.

"Bitcoin has historically traded at 2.5 times its mining. costs. The reason bitcoin looks really good here is the cost of mining. around $7,000 fully loaded. And the difficulty is rising. So by the end of the year, it's going to be $9,000."

Adding to the list of potential catalysts, a looming Bitcoin ETF has retail and institutional investors on their toes awaiting a bull run breakout.

With the launch of a Bitcoin ETF, an influx of incoming institutional investment could drive rapid growth in cryptocurrency prices and the overall sector.