Bitcoin Extends Rally as Apple Pay President Says Cryptocurrency Has “Long-Term Potential”

Bitcoin’s price extended its relief rally on Friday, climbing to more than two week highs amid reports that Apple Pay’s executive was leaning favorably toward cryptocurrency.

In the process, bitcoin’s share of the overall cryptocurrency market continued to grow.

BTC/USD Update

The bitcoin price rose 1.8% to $10,767 on Bitstamp, its highest in over two weeks. The digital currency briefly traded above $10,800 before consolidating just below that mark.

Bitcoin (BTC/USD) gaining steam on the daily chart. | Source: TradingView.

Bitcoin is up more than 12% since Sunday, having vastly outperformed many of its altcoin peers. The technical charts suggest further upside momentum is likely, with the relative strength index (RSI) breaking above 56. The largest digital currency has carved out support near the 30-day exponential moving average (EMA).

At current values, the Bitcoin network has a total worth of $193.1 billion, which represents 71.1% of the overall cryptocurrency market. That’s the highest percentage since March 2017.

Bitcoin’s 24-hour spot volume declined sharply on Friday. The top ten verified exchanges processed a combined $807 million worth of BTC trades, according to Bitwise data. Binance accounted for more than half of the total.

The latest price movement may have something to do with a large transfer of bitcoin from one wallet to another. According to Whale Alert, 94,505 BTC valued at more than $1 billion was “transferred from unknown wallet to unknown wallet” on Thursday.

Apple Pay VP: “We’re Watching Cryptocurrency”

Apple may be slow to embrace cryptocurrency, but one of its executives believes the asset class has a long-term value case.

“We’re watching cryptocurrency,” Jennifer Bailey, vice president of Apple Pay, told CNN at an event in San Francisco. “We think it’s interesting. We think it has interesting long-term potential.”

Apple isn’t the only major tech firm exploring digital currency. Earlier this summer, Facebook announced it plans to launch Libra, its own cryptocurrency in 2020. However, due to the regulatory backlash, it’s not clear whether Facebook will go ahead with those plans.

Bakkt, a startup funded by Intercontinental Exchange (ICE), is planning to launch its own bitcoin futures contract later this month. The project has much wider ambitions, including spearheading digital currency adoption at merchant retailers across the United States.

As far as Apple goes, the company has been involved in digital payments since 2014. Over that period, Bailey says the acceptance of contactless payments in U.S. stores has risen to 70% from just 3%.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via TradingView.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi