It is incredibly difficult to find any negative in the cryptocurrency world right now. Bitcoin has finally surpassed the US$3,500 mark, although it is just trading below that value right now. This Bitcoin price surge has been coming for quite some time now, to say the least. There is room for more upside for Bitcoin and other currencies as well. Do not discount he surges by Bitcoin Cash, IOTA, and NEO either, though.
Bitcoin Price Hits Another Milestone, Rankings get Shaken Up
There is no such thing as a boring day in all of cryptocurrency. This week’s Bitcoin price surge goes to illustrate that point once again. After all, we have finally broken the US$3,500 mark, which has proven to be a rather big mental hurdle to overcome. Although Bitcoin is trading a few US Dollars below that price right now, one can’t deny the powerful momentum is still in full effect as we speak. There is no reason to believe the Bitcoin price can’t reach US$4,000 or even more before the year is over.
It has to be said, the Bitcoin trading volume across exchanges is off the charts as well. Nearly US$1.8bn worth of Bitcoin changed hands in the past 24 hours alone. Such volume is not unprecedented, but it is certainly picking up compared to a few days ago. The NEO/BTC market on Bittrex keeps pushing things forward by the look of things. Fiat currency trading pairs all over the world are also doing their part, but no one is close to touching the NEO/BTC volume right now. An interesting trend, to say the least.
Speaking of NEO, one has to admit this altcoin is on fire as of right now. It has the potential to become the Ethereum of China, but with a fixed coin supply in place well before anyone could turn that into an issue. NEO Noted another 28.38% gain over the past 24 hours, pushing the value per coin to US$33. 26 according to CoinmarketCap. Do keep in mind over half of this volume comes from the aforementioned Bittrex trading pair, though. It will be interesting to see how the rebranded Antshares fares if the Bitcoin price were to go down all of a sudden.
Other currencies making some notable gains include IOTA and Bitcoin Cash. IOTA has gone up by another 21.72% and now claims the #7 spot in the cryptocurrency market cap rankings. Bitcoin Cash noted a 17.57% gain, putting it back to a US$6bn market cap. The gap with Ripple is slowly closing for Bitcoin Cash, although it may take some time until we see the gains most people have been waiting for. This is quite an interesting correlation between BTC and BCH as well, as the markets no longer seem to be linked to one another for the most part.
As one would expect, there are some currencies losing value as well. The biggest losses were for NEM, Litecoin, and Ethereum Classic. Speaking of ETC, the currency has dropped all the way to the #10 market cap spot. Despite a cap of US$1.43bn, that isn’t enough to be in the top 7 like before. A lot has changed for all cryptocurrencies in this regard, these past few weeks. Not too long ago, not all top 10 currencies had a market cap of over US$1bn. Right now, 9 of them are over US$1.5bn, with the tenth not too far behind.
It will be interesting to see what the future holds for cryptocurrency. The Bitcoin price may see a lot more upward momentum in the days and weeks to come, although it is hard to predict. Other currencies are trying to net gains as well, although it isn’t all that easy. Ethereum is still hovering around US$300 but continues to lose ground compared to Bitcoin. Money is pouring into cryptocurrency as a whole, though, that much no one can deny at this point.