It looks as if we added another few billion US Dollars to the cryptocurrency market cap over the past 24 hours. Right now, that market cap sits at US$116.5bn, which is a significant amount compared to a few weeks ago. The Bitcoin price is on the rise again, reaching yet another new all-time high. Other currencies are doing decently as well, including Bitcoin Cash, IOTA, and NEO, to name a few.
Bitcoin Price Rises Once Again
A lot of cryptocurrency enthusiasts will be more than pleased to see the Bitcoin price go up in value once again. Although we only set a new all-time high over the weekend, the Bitcoin price has risen to top that number once again. At the time of writing, one BTC is worth US$3,371 and there is no sign of things slowing down anytime soon. It is unclear as to how high the price can go, but for now, the sky is literally the limit for Bitcoin.
Late last week, the Asian exchanges were pushing up the Bitcoin price once again. That is a pretty common theme in all of cryptocurrency, as Asia still somewhat dictates the markets in one way or another. Mainly Korea and China were driving the trading volume to new heights, which is always good to see. A few weeks ago, the majority of Bitcoin’s trading volume came from the Ethereum market, which is a bit of a worrisome sight, to say the least.
Right now, however, it appears Bittrex is generating the most Bitcoin trading volume. That is very unusual, especially when considering the NEO/BTC pair is responsible for this sudden push. Other marks in the top five include BTC/USD on Bitfinex, BTC/KRW on Bithumb, BCC/BTC on Bittrex and ETH/BTC on Poloniex. Altcoins are slowly being converted back to Bitcoin it seems, although that may have to do with the rising price rather than being the cause of this sudden Bitcoin price jump.
It is good to see w as quite a few fiat currency trading markets in the top fifteen, though. CNY and USD trading are all well represented thanks to the various exchanges. JPY, and EUR trading are once again a bit behind the curve, yet these things can always change on a whim’s notice. One thing no one can deny is how one Bitcoin is still worth 1 BTC, as that exchange rate has never wavered. If this uptrend continues, we may very well see a Bitcoin price of U$3,500 before the day is over.
Other cryptocurrencies are seeing some positive momentum as well. Ethereum, Litecoin, and Dash have all noted small gains, with Ethereum Classic and Ripple going down a bit. The biggest gains are noted by Bitcoin Cash – up 24% – as well as NEM [+18.1%]. Other currencies doing well include IOTA – up by 17.59% – and NEO – up by 27.79%. We have touched upon NEO making a massive bull run over the weekend, and it seems that trend will not relent anytime soon. At this rate, all top 10 cryptocurrencies will soon have a market cap of over US$1bn.
This entire week could prove to be very intriguing for all major cryptocurrencies, by the look of things. An increasing Bitcoin price will push most alts up as well. It is not unlikely we will see a total cryptocurrency market cap of US$120bn later this week. Anything can happen in this industry, that much is proven yet again. Maintaining the positive momentum is always a big challenge, though, as speculators will try to manipulate the markets in either direction they can. There is good money to be made in cryptocurrency, assuming you pick your investments wisely.