The sideways price movement ofthe cryptocurrency was awaiting a spike, and the recent Bitcoin price trendsatisfied the appetite of customers.

This price hike contributed to ahuge influx of volume and money, thereby causing the market cap of thecryptocurrency ecosystem to go up from $147 billion to $185 billion,contributing to a 25% increase. Themarket cap corrected to $181 billion at a later point in time.

Recent research reported,“Institutional products have now moved into growth for the 4th month in a rowhitting new highs against US-based exchanges as a % of total trading volume.Currently, this is almost 8% more than when Bitcoin hit its price peak inDecember 2018.”

Mati Greenspan, an analyst fromeToro, has recently predicted that Wall Street will significantly drive theBitcoin market. After observing therelationship between cash-settled Bitcoin Futures and the real-time Bitcoin market,he concluded stating, “Even though Wall Street’s contracts are only paper, andnot settled in Bitcoin, they are still a significant part of this market now.”

There is likely to be a shortsqueeze in the market. This situationhappens when several bear traders go short on the tokens, and the pricescontinue to increase higher.

The supply anddemand concept being the basic factor in economic law, the higher the volume ofsupply the lower the price – this stays true with Bitcoin. However, when itcomes to economic growth, several Altcoins are undervalued but in reality, havea higher potential for growth. Severalnew investors with a risk appetite are behind these penny coins in an attemptto seize more profits and rewards.

Meanwhileseveral banks have been trying to come up with their digital currencies;however, they have been dealing with the hands-off approach. Of late, several traditional financialinstitutions are getting to be formal in their positions.

With one bankcoming up with their own cryptocurrency, the rest of the banks are likely tofollow suit. Cryptocurrency as a programmable form of money is used across theglobe to exchange value anonymously across the world. Cryptocurrency contributes to only a smallpercentage of the money supply in the world. However, the numbers that this industry transacts is considerable enoughto attract the attention of banks. Though banks are not directly involved in the cryptocurrency space at apoint where it becomes necessary to convert cryptocurrency to fiat, banks docome in to play. Pending regulation, banks are likely to set their foot intothis industry soon.