Bitcoin surges more than 9% to $8,800, mainly driven by institutional investors?

On May 27, data from the global currency price website CoinMarketCap showed that Bitcoin broke through to $8,858.53 in the morning session, with the largest intraday increase of 9.62% and a total market value of over $150 billion. Driven by the Bitcoin market , other mainstream currencies generally followed suit, with the top five digital currencies by market value all increasing by more than 7% in 24 hours.

Bitcoin price trend over 7 days

According to CoinMarketCap data, Ethereum (ETH) , which ranks second in market value, is quoted at $266.01, up 7.02% in 24 hours; Ripple (XRP) , which ranks third in market value, is quoted at $0.41, up 7% in 24 hours; Bitcoin Cash (BCH) is currently priced at $432.40, up 8.64%; and Litecoin (LTC) has soared 12.42%, reaching a staged high of $113.21. In the rebound that lasted for more than an hour this morning, the total market value of digital currencies was pushed up to $260 billion.
Some analysts believe that this round of digital currency surge is related to the results of populist and extremist forces prevailing in some EU parliamentary election polls, but others believe that a more likely reason is that in the context of global trade tensions, risk aversion continues to drive demand for digital currencies , and the increasing number of institutional supporters is the main driving force behind this round of market conditions.
In fact, after entering 2019, Rothschild AF COIN, JPMorgan Chase, TD Ameritrade and other large financial institutions have reported significant progress in digital currency , which has greatly boosted investors' confidence. In January 2019, Chase Gao, co-founder of digital currency exchange BitAsset, revealed that many traditional financial institutions in China and the United States have begun to enter the market, and the transaction volume of these institutions may have exceeded 50%. According to Bloomberg, Fidelity Investment Group, the world's largest asset management company, is about to launch a Bitcoin trading service.
At the same time, for institutional investors, due to the large amount of funds, Bitcoin is likely to become the first choice for traditional financial institutions to enter the market, thereby further pushing up the price of Bitcoin . Cryptocurrency analyst Kevin Rooke recently listed the daily transaction volume rankings of Bitcoin and major US payment networks on Twitter. Visa ranked first with a daily transaction volume of US$30.3 billion, followed by Mastercard with a daily transaction volume of US$16.2 billion, and Bitcoin ranked third with a transaction volume of US$6.3 billion.
Regarding the future price trend of the currency, the currency circle insider Coin Grandpa believes that the repeated "falls when they should have" have greatly boosted the confidence of Bitcoin bulls. Since the key point of $8,300 has been broken, the space above has been opened. Bitcoin may encounter certain interceptions at $9,000, but the greater pressure is around $10,000. "The last time it reached $10,000 was in the public chain market last year. Bitcoin passively followed the rise driven by the expectations of public chains such as EOS. With the profit-taking and Bitcoin's repeated unsuccessful breakthroughs at the key point of $10,000, the entire market ended." The industry insider also pointed out that the $10,000 indicator is not only a technical pressure, but also a psychological pressure on investors. (The Paper)