Bitcoin has Surged over 10% in last 24 hrs.Here's why

The bitcoin price has just soared to over the $7,300 mark for the first time in many weeks following an incredible week for bitcoin developments.

Bitcoin price has risen to over 10% in just one hour following a slew of great news for bitcoin and cryptocurrencies .And other alter currencies like coins ether, ripple, litecoin, and bitcoincash have all gone by 5% and 10% over the last 24 hours as per CoinMarketCap data.

As a result of the near $700 price jump, bitcoin added some $9 billion to its market cap in a matter of minutes.

Today saw the appointment of David Solomon as the new chief executive of US investment bank Goldman Sachs, who's currently the firm's current chief operating officer. Last month Soloman said Goldman is looking in to adding further bitcoin and cryptocurrency services.

He will take over from current Goldman CEO Lloyd Blankfein in October.

Many bitcoin faithful are hoping that as the mainstream financial services industry bets on bitcoin, the price will rise back to levels last seen in December last year — and possibly higher.

Here are some of the other things that have been pushing up the price of bitcoin and other cryptocurrencies in recent days.

The world's biggest asset manager BlackRock has set up a working group to investigate ways it can take advantage of the fast-growing bitcoin and cryptocurrency market.