Get trading recommendations and read the analysis on Hacked.com for only $ 39 a month.
Crypto markets rallied moderately on Thursday, as the bitcoin price began to recover from the decline after the hard Bitcoin Gold spread. Many altcoins also saw slight price increases, allowing the total market capitalization of cryptocurrency to exceed $ 172 billion.
At the beginning of the day, it appeared that the markets were heading south, continuing their movement the day before. However, they started ticking Wednesday afternoon, and the crypto market capitalization is currently $ 172.5 billion, which represents an increase of $ 5.1 billion over 24 hours.
The Bitcoin price recovers nearly $ 6,000
The recovery was fueled by a 7.5% rise in the price of bitcoins. After starting the day down, the bitcoin price boosted support to $ 5,485 and reversed its path to Thursday morning. Currently, bitcoin is trading at $ 5,955, which translates into a market capitalization of $ 99.1 billion.
It's not immediately clear what drives this march towards $ 6,000, but many analysts believe that it's a first step in the eventual transformation of Bitcoin into a public asset. Ronnie Moas of Standpoint Research, for example, recently predicted that the price of bitcoin will reach $ 50,000 over the next decade.
Ethereum price under $ 300
The price of the ethereum rose slightly on Thursday, rising about seven-tenths of a percent to $ 299. Nevertheless, he was unable to break the $ 300 mark or exit the gravitational pull of this threshold. Ethereum maintains a market capitalization of approximately $ 28.5 billion.
Money rises like gold.
The spot price of bitcoin surpassed the majority of first-rate cryptocurrencies on Thursday, rising to $ 347, although it has since dropped to $ 340. This is probably due to the dismal performance of Bitcoin Gold – another altcoin created from a Bitcoin fork – during its first days on trading.
Unlike Bitcoin Cash, Bitcoin Gold has virtually no community and institutional support, which is reflected in its lower prices. After starting nearly $ 500, the bitcoin gold price plunged to $ 131 – even under the pressure of the margin traders who had to buy it to pay the lenders – and that could get worse when the network is officially starting and traders are starting to make deposits.
This bodes well for bitcoin cash, as industry observers speculate that the following bitcoin forks will have diminishing returns and that forked coins can cannibalize each other. . Although it is still early, it seems that bitcoin money will come out winner of this contest with bitcoin gold.
Altcoins Post Minor Wins
Altcoins – led by bitcoin cash – generally made gains on Thursday, though some top 10 cryptocurrencies did not participate in advance.
The price of the ripple increased by about half a percent, but that was not enough to bring XRP's market capitalization back beyond the $ 8 billion threshold. The price of the litecoin rose by 3%, while dash and NEM followed the rally. Bitconnect led the top 10 cryptocurrencies, up 12% to $ 219, but NEO fell below $ 30 after a 4% decline. Monero, in tenth place, made a minor gain, but his price continues to trade at less than $ 90.
Image from Shutterstock .