The last 24 hours have seen Bitcoin (BTC) hit a new <a href="https://www.cryptoknowmics.com/crypto/bitcoin-ethereum-ripple-bitcoin-cash-litecoin-eos-binance-coin-stellar-cardano-tron-price-analysis-may-13/">9 months high</a> and establish a new resistance position. By extending over the gains that began at the start of the weekend, Bitcoin has just crossed over the $7,000 price and gone on to set a new year high of $7,500. At the beginning of the weekend, the number one cryptocurrency by market cap was trading for a little over $6,100, and by moving to a high of $7,500, marked one of the most bullish weekends in recent months.

In the last couple of hours, following the set resistance position, prices have slipped back and at the time of press stand at $7,350. This in the last 24 hours has been an 8% price change.

With the recent spectacular move, there have been two distinct happenings in the crypto world. The first has been Bitfinex recording trading volume of over $10 billion and secondly, been a whale movement of more than $300 million worth Bitcoin. The Bitcoins have been moved from a single wallet and into two new ones. It remains unclear whether the two events have had anything to do with Bitcoin's recent performance.

<strong>Altcoins Continue to Struggle Keeping Up with Bitcoin</strong>
Although Bitcoin has been recording very impressive numbers, altcoins continue to struggle to keep up with their leader. Among the top 20 altcoins, all but Bitcoin Cash are recording marginal changes. Bitcoin Cash has surged to hit over 350, recording an over 9% price move. However, although many of the altcoins are currently stalled, their weekend has not in any way been bad. Several altcoins including ETH and <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=30&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwjK8pGelIfjAhVIVH0KHeL5Cg8QFjAdegQIBhAB&amp;url=https%3A%2F%2Fripple.com%2Fxrp%2Fbuy-xrp%2F&amp;usg=AOvVaw0x46spiQNrWs2AvvLrMgnz">XRP</a> have made significant moves. At the time of press, ETH is on edge to hit the $190 mark while XRP is a little above $0.31.

<strong> Is It Really Institutional Money Moving the Market?</strong>
In the last couple of weeks, there has not been any significant announcement that could have seen prices soar this much. In fact, the only significant news has been negative when Binance lost over $40 million in its hack. The recent rally then is most likely inspired by the entry of institutional investment. With the entry of new money comes demand driving prices up.

Some observers have been keen to note that during the 2017 rally, which saw Bitcoin reach an all-time high of $20,000, Bitcoin did not have the support of institutional investors. Now, with several key players backing the digital currency and many more showing interest, it is guaranteed that Bitcoin will again retest this position and possibly never to go below it again.

Bitcoin (BTC) Movement in The 48 Last Hours Has Been Explosive, Is This the Power of Institutional Money?

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Bitcoin (BTC) Movement in The 48 Last Hours Has Been Explosive, Is This the Power of Institutional Money?

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