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The Bitcoin price rally continues as the cryptography market reaches $ 220 billion

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The Bitcoin price continued its recovery in mid-week on Thursday. The star cryptocurrency climbed $ 7,400, which brought it to seven days and placed it at an impressive distance from its all-time record. However, the rally was largely isolated at bitcoin – at least at the top of the charts – and eight of the top 10 cryptocurrencies experienced sharp declines for the day.

Source: CoinMarketCap

Nevertheless, fueled by the rise in bitcoin – as well as a strong performance of some crypto assets located outside the top 10 – the total cryptocurrency market capitalization made a small headway. For the day, cryptographic market capitalization rose from $ 216 billion to $ 219.5 billion, a net increase of about 2%. At present, bitcoin accounts for a dominant share of 56.3% of this capitalization.

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<p class= Source: CoinMarketCap

The Bitcoin price is $ 7,400

The price of bitcoin continued to rise as markets traded on the announcement that the mobile financial services application Square Cash had launched a Bitcoin pilot program that allows a limited number of users to buy and sell bitcoins since the application. Many people believe that this is the first step towards setting up Square's full bitcoin payment integration – a move that could be a tipping point for the adoption of crypto- change.

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<p class= Bitcoin Price Graph | Source: CoinMarketCap

In this context, the price of bitcoin broke for the first time $ 7,500 for the first time in a week, but it rose to $ 7,405. However, this represents a 5% increase over 24 hours and translates into a market capitalization of $ 123.5 billion.

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Ethereum Price returns to $ 325

Ethereum's multi-day rally stagnated on Thursday, preventing the second-largest cryptocurrency from breaking the $ 350 mark. The price of the Ethereum has posted a net decline of 3% and is currently trading just under $ 326. Ethereum now has a market capitalization of $ 31.2 billion.

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<p class= Price Ethereum Chart Source: CoinMarketCap

The cash price of Bitcoin feels the weight of BitMEX

Ethereum was not the only major cryptocurrency to undertake a 24-hour retreat. The bitcoin spot price has fallen by more than 13% – by far the worst performance of any leading cryptocurrency – and is currently trading at $ 1,110. That leaves bitcoin money with a market capitalization of $ 18.7 billion.

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<p class= Bitcoin monetary consumption chart | Source: CoinMarketCap

The current drop in bitcoin cash could be interpreted as a good downturn after last week's surprising rebound, but it could also be related to the fact that several liquidation events remain on Bitcoin Cash's horizon . Coinbase still has not made BCH available to its users, and Grayscale Investments and BitMEX have the intention of getting rid of their holdings and distributing the proceeds to their shareholders and users, respectively. Each of these events could put strong downward pressure on the bitcoin spot price.

The IOTA swims against the current

Eight of the ten largest cryptocurrencies posted declines against the dollar on Thursday, although – aside from bitcoin cash – most of these declines were minor.

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<p class= Source: CoinMarketCap

The price of the ripple decreased by six tenths of one percent, and the price of litecoin fell by 2%. The price of the dash has dropped by 5%, but it continues to trade well beyond $ 400 after its recent rise. The price of IOTA was the only high-level alliance to join Bitcoin in its lead. The price of IOTA jumped 14% to $ 0.778, placing it in seventh place in market capitalization.

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<p class= Chart IOTA Source: CoinMarketCap

NEO, now ranked eighth, dropped by 2%, while anonymously monero dropped 1% following a new wave of negative media coverage related to its implementation by hackers in mining malware. The NEM remained in 10th position after posting a decline of less than 1%.

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Although the top 10 altcoins had disappointing performances, there was an interesting move just below them on the cards.

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<p class= Source: numismatics

The twelfth-ranked league rose 20% to raise its market capitalization above $ 1 billion for the first time, and the hshare hedge of 32% also placed it at less than $ 50 million. dollars. Qtum, ranked 14th, increased 9% to bring its valuation down to just under $ 940 million, and EOS recorded a double-digit increase to put its capitalization at nearly $ 900 million.

Image from Shutterstock.