As a who’s-who line-up of entrepreneurs, blockchain experts, artificial intelligence (AI) specialists and well-known economic and business figures were preparing to descend on Las Vegas for ChainXChange, an upcoming “blockchain and experimental technology”, they do so as the cryptocurrency market regains momentum with market capitalization once again exceeding $300 billion.
Now it is funny how things can almost turn on a sixpence in the capital markets. After reaching record highs of around $20,000 last December, when industry protagonists were positively salivating about the prospect of a $50,000 Bitcoin or even higher, the Big Daddy of crypto retreated to levels seen in the middle of last year just before the Chicago derivatives exchanges announced they would start to offer trading in Bitcoin futures.
Just when you think Bitcoin was on the ropes as well as other leading currencies, so to speak, the big hitter in the cryptocurrency space mounts a recovery. Volatile or what?
Crypto industry watchers were atwitter - if that is the right word - on Tuesday this week over the resurgence of Bitcoin (BTC), which vaulted past the $8,000 mark to a value of $8,435.16 - for a gain of over 7% on the day. And, at the time of writing the cryptocurrency was trading at around $8,230 a pop on exchanges - up 0.79%/$63.98 this Thursday (July 26).
Shortly before Bitcoin broke the $8,000 barrier with a BTC market capitalization of approximately $143 billion, the overall market capitalization eclipsed $300 billion, a feat that was previously achieved back on June 12 last year. This has once again stirred excitement that Bitcoin is entering a new bull cycle. Could they be right? Well, one wonders.
The three-day ChainXChange conference, which begins next month on August 13, is touted as serving as a gathering place where both “long-time industry titans and eager newcomers meet” to discuss this maturing market and how it will evolve in the months and years to come.