Bitcoin has officially surpassed the US$62bn market cap for the first time in history. The growth of this particular cryptocurrency has been nothing short of spectacular over the past nine years. Ethereum is also showing positive signs, whereas the rest of the top 10 cryptocurrencies are at a virtual standstill. The weekend has been positive for all cryptocurrencies so far, but most people will focus on the Bitcoin price.
Another leg up for the Bitcoin Price
For those people who assumed there wouldn’t be much growth in the Bitcoin price after the US$3,500 mark, reality turns out very differently. In fact, the Bitcoin price now sits at US$3,786.57 on Coinmarketcap, which is the highest value we have seen until this day. It becomes somewhat unnecessary to talk about this being the new all-time high right now, as a new record may be set at any given moment.
With this current price growth in place, things are looking extremely good for Bitcoin. One has to keep in mind this spectacular Bitcoin price growth may come back to hurt the value in the long run, though. Not too long ago, we saw a Bitcoin dip below US$2,000 after a run up to US$2,400. It is not unlikely something similar will happen this time, although it seems most speculators have taken up a long position on Bitcoin right now. Then again, the overall market sentiment can change at any given moment.
So far, the Bitcoin price growth has elevated the world’s leading cryptocurrency to a market cap of US$62.48 billion. That is a massive amount, considering the entire cryptocurrency market cap was worth less than that just a month or three ago. This growth is unprecedented,d to say the least, and it appears better things are still on the horizon. The Bitcoin Dominance Index is also back to 47% as we speak, although very few people pay attention to this statistic these days.
Bitcoin is not the only currency making significant waves, though. Ethereum is also on the rise as of these past few days, resulting in a price point of US$311.98. With a 4.12% gain over the past 24 hours, things are looking quite good for Ethereum as we speak. Maintaining this momentum is always challenging, ever for well-established currencies these days. Ethereum has a strong 24-hour trading volume of over US$1.16bn, though. Then again, that is just over half of Bitcoin’s US$2.15bn trading volume in the same time period.
It does not appear Ethereum and Bitcoin are taking away trading volume from one another, though. Ethereum’s main markets are Bithumb, OKCoin, and Coinone, all of which have fiat currency trading markets. Bitcoin’s top markets include Bithumb, Bittrex, and Bitfinex. Bittrex is the only non-fiat trading market in this list, as their NEO/BTC market is making a lot of headlines these days. Quite an interesting development, but it is evident Korea is the main driving force to push both currencies up as we speak. It will be interesting to see how things play out over time.
Looking over the other cryptocurrencies, not much has changed over the past 24 hours. Rippe, Bitcoin Cash, NEO, and Ethereum Classic all record small losses. NEM Litecoin, IOTA, and Dash all have minor gains but nothing noteworthy to speak of. Everyone is keeping a close eye on the Bitcoin price as we speak, that much is obvious. It will be interesting to see what the future holds for all cryptocurrencies, as things have never looked better.