Bitcoin Price Pierces $7,000 as Crypto Market Cap Hits All-Time High

Bitcoin Price Pierces $7,000 as Crypto Market Cap Hits All-Time High


Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.

The cryptocurrency market cap reached a new all-time high on Wednesday amid a generally-bullish day of trading. The bitcoin price set the tone for the rally, surging nearly $500 to recover past the $7,000 threshold for the first time since its weekend correction.

bitcoin price

Source: CoinMarketCap

The total cryptocurrency market cap entered the day at $208 billion, and it climbed gradually throughout Tuesday evening. On Wednesday morning, the rally began to acquire steam, enabling the crypto market cap to leap to a new all-time high of $217.1 billion.

bitcoin price

Source: CoinMarketCap

Bitcoin Price Pierces $7,000

The bitcoin price posted a 7% recovery on Wednesday, enabling it to climb nearly $500 in the past 24 hours alone. Since November 12, when the bitcoin price briefly crashed as low as $5,519, the flagship cryptocurrency has recovered by approximately $1,500, bringing it ever closer to the high-water mark it set last week shortly after the SegWit2x hard fork was called off. The bitcoin price is now trading at a global average of $7,004, which translates into a $116.8 billion market cap.

bitcoin price

Bitcoin Price Chart | Source: CoinMarketCap

Several factors have contributed to this rally, most notably the fact that Man Group, one of the world’s largest hedge funds, stated yesterday that the launch of bitcoin futures contracts will convince it to make bitcoin part of its “investment universe”. However, traders are likely also bullish on the fact that mobile financial services application Square Cash is testing bitcoin integration and has already rolled the feature out to some users.

Ethereum Price Tests $340

The ethereum price continued its slow — but steady — advance on Wednesday, climbing another 3% to a present value of $338. Ethereum now has a market cap of $32.3 billion, bringing the second-largest cryptocurrency to its highest point since mid-October.

ethereum price

Ethereum Price Chart | Source: CoinMarketCap

Bitcoin Cash Price Retreats

Bitcoin and bitcoin cash have taken inverse trajectories in recent days, and that phenomenon repeated itself — in direction if not degree — on Wednesday. While bitcoin and nearly every other major cryptocurrency experienced gains against the dollar, the bitcoin cash price declined 4%, reducing it to a current value of $1,289. Bitcoin cash has a market cap of $21.7 billion, making it approximately two-thirds the size of ethereum.

bitcoin cash price

Bitcoin Cash Price Chart | Source: CoinMarketCap

Market Swells at the Seams

Wednesday marked one of the most comprehensive crypto market advances in recent weeks, with 88 of the top 100 cryptocurrencies ending the day in positive territory.

bitcoin price

Source: CoinMarketCap

The ripple price increased by 2%, while the litecoin price added 6% to rise to $65. The dash price recovered by 5% following Tuesday’s pullback and is now trading at $437. NEO’s 6% increase enabled it to broach the $30 barrier once again, and the monero price rose 1% to $124.

The competition for the last two spots in the market cap top 10 has been fascinating to watch this month, as no cryptocurrency has been able to cement its place in this echelon of the rankings. Today, IOTA burst into the ninth spot with a 19% increase, while NEM maintains the 10th position with a 3% gain. That makes ethereum classic, now ranked 11th, the odd token out.

Featured image from Shutterstock.

#awvi,#Bitcoin,#blockchain

Blockchain

via CryptoCoinsNews http://bit.ly/2ogPJVj

November 15, 2017 at 11:56AM

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s