Crypto Market Cap Rises Past $410 Billion As Smart Money Moves In

The cryptocurrency market has experienced an explosive resurgence this week, breaking through the $400 billion market cap ceiling on a strong wave of positive investor sentiment.

The key drivers of this recent recovery seem to include a spate of announcements from key market observers that include bullish statements from respected thought leaders and a new cryptocurrency initiative launched by global financial giant Goldman Sachs.

Goldman Sachs, with an annual revenue of over $42.25 billion, is one of the largest multinational investment banking and financial services companies in the world, and is the is the fifth-largest bank in the US by total assets.

The international financial juggernaut has recently denied reports that it will be launching a crypto trading desk but is one of the most pro-crypto finance giants to date -the organization was one of the first large-scale financial institutions to begin clearing CME and Cboe bitcoin futures for clients when they became available in Q4 last year.

The creation of the new cryptocurrency-specific position represents a change in Goldman Sach's position on digital assets and appears to be the first step in a process that will likely see a significant amount of capital and resources enter the blockchain ecosystem from the institutional money sector.

"I think even if it's only 5% at the end of the day, that market will then still be much bigger than it is today."

Masters, who worked with JP Morgan as the global head of energy trading in 1992, now operates as the Chairman of crypto investment research firm CoinShares and crypto hedge fund Global Advisors, managing over $800 million in assets.

Masters may represent the old guard of the incumbent financial system, but venture capitalist Tim Draper - who is widely recognized as a visionary "Smart money" investor that boasts early entrances into Tesla, Hotmail, and Skype - has recently stated that he too is placing his money on Bitcoin.

With the cryptocurrency market cap now exceeding $400 billion once more, investor sentiment is gathering inertia.

Bitcoin has now broken past the $9,000 level and the market is still moving with an 88% buy market percentage, according to TurtleBC. With banks hiring crypto traders and smart money continuing to move in, it appears as though the entire market may be in for a wild ride.