As we had somewhat expected, the Bitcoin price keeps marching on toward US$3,500. Reaching that goal would be a significant milestone for the popular cryptocurrency. It seems Bitcoin Cash is also going through a healthy recovery process. Other top 10 currencies note smaller gains or even losses. Exciting times are ahead, especially now that the total cryptocurrency market cap surpassed US$120bn.
Bitcoin Price is Looking Extremely Well Right Now
Just yesterday, we were contemplating whether or not the Bitcoin price could reach US$3,500. After all, we saw a major price boost just yesterday, which is often difficult to maintain for more than an hour or so. This time is very different as far as Bitcoin and other cryptocurrencies are concerned, that much is evident. In fact, the Bitcoin price hasn’t touched US$3,500 just yet, but it also shows no sign of retracing whatsoever. In fact, it keeps rising ever so slightly now and then, slowly inching closer toward that illuster US$3,500 target.
With a market cap of nearly US$57bn, there is no discussion as to which cryptocurrency is the biggest one right now. The number two on the list, which is still Ethereum, is more than US$30bn behind Bitcoin right now. At one point, it looked a Sif both currencies would reach parity, but that is not going to happen anytime soon. The Ethereum price notes a 4.64% gain over the past 24 hours, though, which is nice to see. Competing cryptocurrencies can yield some interesting results, that much is certain.
While many people focus on the Bitcoin price for obvious reasons, that other Bitcoin currency is doing quite well in its own regard. More specifically, Bitcoin Cash has reclaimed around US#2bn of its lost market cap over the past 24 hours. One BCH is now valued at US$357.5, representing a 36% price increase over the past few hours. A more than respectable gain, to say the least, but maintaining the upward momentum has proven to be very difficult for Bitcoin Cash so far.
That being said, the Bitcoin price is on everyone’s mind right now, and it will continue to be for quite some time to come. Assuming Bitcoin can break the US$3,500 level, there is nothing preventing it from reaching around US$4,000 or more before the year is over. That may still be a pretty conservative Bitcoin price estimate, all things considered, although only time will tell how things will evolve in the coming months and years. There is no reason to think the Bitcoin price won’t break US$3,500, though, but it may take a lot longer than some people are willing to admit.
As has become somewhat of the norm, Bithumb is controlling the market based on trading volume right now. Their BTC/KRW pair represents over US$150m in 24-hour volume, which is well ahead of Bitfinex’s BTC/USD pair, which sits just below US$100m. Bittrex is still in the top five with two trading markets, as their BCC/BTC and NEO/BTC markets are doing quite well so far. bitFlyer closes out the top five. It is evident Asian exchanges are once again pushing the Bitcoin price ahead, although none of them have effectively registered a value of over US$3,500. HitBTC is the only exception, but the overall community seems to disregard this exchange’s price for some reason.
If this momentum keeps up, good things will continue to happen to the Bitcoin price. Surging past US$3, 500 is the number one priority for the time being, but it seems to be a matter of time until it happens. Other cryptocurrencies are reaping the benefits from this price surge as well. NEO is the only top currency to note any value declines right now, but given its recent price surge, that is not surprising at all. Considering how the overall cryptocurrency market cap keeps growing, there is absolutely no reason for concern whatsoever.