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The price of bitcoins reached a new milestone Thursday, jumping above $ 7,000 with ease to set a new record. high above $ 7,350. This record recovery has propelled the total market capitalization of cryptocurrency to an unprecedented new high, which has put it in a position to break the $ 200 billion mark in the near future.
On Wednesday, bitcoin broke the $ 185 billion mark, allowing it to break the all-time record it set in early September before hostile Chinese regulators triggered a downturn in the market. The advance continued on Thursday, and the crypto market capitalization reached 194.4 billion dollars before settling at 190.7 billion dollars.
Bitcoin Price Becomes Berserk
It's no exaggeration to say that Bitcoin alone has raised the ceiling of crypto to its present height. The market capitalization of Bitcoin has risen by about $ 40 billion in the last month, while the combined caps of all other cryptocurrencies have actually posted a sharp drop. The Bitcoin bull race has sometimes appeared unstoppable, as evidenced by its surge on Thursday morning. Still optimistic about the CME Group's announcement of the bitcoin futures list on its derivatives exchange, the price of bitcoin surpassed $ 7,000 to hit a new record of $ 7,367. Despite an instant crash of $ 500 immediately after reaching this peak, the bitcoin price quickly recovered to $ 7,000 and is currently trading at a world average of $ 7,061. Bitcoin now has a market capitalization of $ 117.6 billion.
Ethereum Price Erosion
The bitcoin price rally let the Ethereum wrestle in the water, and on Thursday, the price of the Ethereum dropped 4% to $ 288. Over the past week, the Ethereum value against bitcoin has decreased by 20%, bringing ETH / BTC to its lowest level in seven months. Nevertheless, ethereum retains a market capitalization of 27.5 billion dollars, guaranteeing its status as second cryptocurrency with a considerable margin.
Bitcoin Cash Price leads the Altcoin Pack
The vast majority of first-rate altcoins experienced moderate price declines on Thursday, although Bitcoin Cash and BitConnect managed to swim against the tide.
The bitcoin spot price continued its rapid progression, up 14% to $ 563, with the goal of consolidating its status as the third largest cryptocurrency. At present, bitcoin has a market capitalization of $ 9.4 billion, which allows it to reach the $ 10 billion mark – a result that it could achieve if the rally continued until the long-awaited difficult period on 13 November.
Ripple and dash each posted declines of 3%, reducing their prices to $ 0.192 and $ 266, respectively. The price of litecoin fell by 4%, placing it at a risk of less than $ 50. Bitconnect, now ranked seventh, rose 8%, putting it just a few dollars away from reaching price parity with the dash. NEO, on the other hand, plunged 9% to $ 25, and NEM followed closely with a decline of 8%. Monero completed the top 10 with a 4% low at $ 83.