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This has been a record week for the cryptocurrency markets. For three consecutive days, the price of bitcoin reached a new historical record, eventually rising above $ 6,600 on Tuesday morning.
Source: CoinMarketCap
While many altcoin prices fell as traders consolidated their holdings of bitcoin, the rebound brought the total market capitalization of cryptocurrency to $ 185.2 billion – a new record. Over the past month, the crypto ceiling has risen by almost $ 40 billion; For reference, the crypto market cap did not even reach the $ 40 billion threshold until early May.
Source: CoinMarketCap
Bitcoin Price Crosses $ 6,600
Bitcoin was the main catalyst that pushed the crypto market ceiling to $ 185 billion. The price of bitcoin has surpassed the $ 6,600 mark following Tuesday's announcement by the CME Group to list bitcoin futures for professional traders before the end of the year. Enthusiastic traders raised the world's average bitcoin price to a new record high of $ 6,634. The price of bitcoin has since dropped to $ 6,539, but it still represents a gain of 18% over seven days and translates into a market capitalization of $ 108.9 billion.
Bitcoin Price Chart | Source: CoinMarketCap
The price wells of Ethereum return to $ 300
The Bitcoin rally came partially to the expense of the ethereum. The price of the Ethereum stagnated in October at $ 300, but it ended the month on a slight downside, reaching $ 309 on Tuesday morning. Backed by the Devcon3 Ethereum Foundation Developers Conference this week, many people were expecting the price of the Ethereum to come out of recession and start regaining ground on Bitcoin. However, traders seem more optimistic about bitcoin, as the price of the ethereum dropped 3% on Wednesday to return to $ 300.
Price Ethereum Chart Source: CoinMarketCap
Nevertheless, an important announcement from Devcon3 could spur a rally, so investors should stay informed about what is happening at the conference.
Bitcoin Cash Price goes up to $ 500
The Bitcoin record series is all the rage today, but the Bitcoin spot price has quietly risen 13% to $ 496 and looks set to extend beyond $ 500. Bitcoin Cash now has a market capitalization of $ 8.3 billion, making it the third cryptocurrency by market capitalization.
Bitcoin monetary consumption chart | Source: CoinMarketCap
Two apparent factors contribute to this present rally. The first is the failure of gold bitcoin – another altcoin created from a bitcoin range – to gain traction on trade during trading before release. Although he has made moderate gains this week, the price of bitcoin gold is still trading at $ 150.
In addition, traders reacted positively to the announcement of a hard fork intended to update the Bitcoin Cash Adjustment Algorithm (DAA) and make the network less volatile. Although some developers have criticized the process used to introduce and promote the specific upgrades implemented by the fork, the miners have begun to express their support for the proposal, making it unlikely that the bitcoin money splits into strings of competing blocks. ]
Altcoins pour billions like Bitcoin rallies
Although a few altcoins managed to make gains on Wednesday, most fell as traders liquidated their holdings to inject more capital into bitcoin. In total, the total market capitalization of altcoin lost about $ 2 billion, which allowed bitcoin to increase its dominant market share to 59.3%.
Altcoin Price Graph | Source: CoinMarketCap
The price of the ripple fell by 2%, which made XRP fall to fourth place in market capitalization. Litecoin also decreased by 2%, reducing its price to $ 55. The price of the dashboard dropped 3% to $ 274, while the NEO price fell 7% to $ 28. Aside from bitcoin money, bitconnect was the only top 10 altcoin to increase its value against the dollar; its price rose 3% to $ 242. The ninth-ranked NEM posted the worst performance among first-rate cryptocurrencies, plunging more than 9% to $ 0.178, and monero completed the top 10 with a 3% drop to $ 86.