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$154 Billion – Bitcoin Price Rally Carries Crypo Markets to New Record

$154 Billion - Bitcoin Price Rally Carries Crypo Markets to New Record

$154 Billion – Bitcoin Price Rally Carries Crypo Markets to New Record

The bitcoin price rallied on Wednesday, leaping 9% to cross $4,200. The wider crypto markets followed bitcoin’s lead, with 93 of the top 100 cryptocurrencies marching into positive territory for the day.

This near-universal advance added more than $10 billion to the total cryptocurrency market cap. After entering the day at $142.5 billion, the total value of all cryptocurrencies burst through the $150 billion threshold to set a new all-time high of $154 billion.

Popular Cryptocurrency Chart

Bitcoin Price Leaps Past $4,200

The bitcoin price had experienced an early-week correction, briefly diving as low as $3,675 on August 22. Theories for this decline include a hashrate shift from bitcoin to bitcoin cash, as well as concerns surrounding the Segwit/Segwit2x debate. However, the bitcoin price had strong support on the Asian exchanges, which helped prevent it from staying below $4,000 for long. Today’s 9% climb brings the bitcoin price to a present value of $4,243 and a market cap of just over $70.1 billion.

 

Ethereum Price Closes on $350

The ethereum price did not quite keep pace with bitcoin, but it did return a 4% increase for the day. At present, the value of ether is $323, bringing the ethereum market cap to $30.4 billion.

Metropolis, ethereum’s next major protocol upgrade is, quickly approaching. Although these protocol upgrades are implemented by hard forks, they have generally been supported by the community. Consequently, many investors believe the ethereum price will close on $350 as its September release nears.

 

Bitcoin Cash Price Stumbles Following Difficulty Adjustment

The bitcoin cash price surged close to $1,000 last week, one of several converging factors that made bitcoin cash more profitable to mine than bitcoin. Suddenly, the bitcoin cash hashrate exploded, nearly reaching parity with bitcoin. At its height, bitcoin cash boasted 44% of the combined hashrate between the two coins.

However, the hashrate increase triggered an August 22 difficulty adjustment that caused bitcoin cash mining profitability to plunge. Bitcoin cash is now just 42% as profitable to mine as bitcoin, which has led several miners to move hashpower back to the main blockchain. At present, bitcoin cash has about 27% of the combined bitcoin hashrate.

The difficulty adjustment coincided with a decrease in the bitcoin cash price. Despite the widespread market advance, the bitcoin cash price retreated 7% to $661. Bitcoin cash now has a $10.9 billion market cap.
 

Ripple Price Soars to 50% Gain

Bitcoin cash was the only top 25 cryptocurrency to decrease more than 1% for the day, and most coins returned significant gains.

popular chryptocurrency charts

Altcoin Price Chart from CoinMarketCap

The Ripple price led the way, posting a shocking 50% increase following a flood of volume on the major Korean exchanges. This rapid advance raised the Ripple price as high as $0.300 for the first time since June 25, although it has since tapered to $0.277. Ripple now has a market cap of $10.6 billion, putting it within striking distance of reclaiming the 3rd spot from bitcoin cash

Fifth-ranked IOTA rose 9% to $0.92, while the litecoin price increased 4% to $48. The NEM price saw just a 2% gain, but it was enough to raise its market cap to $2.3 billion. The Dash price rose 7% to $300, and NEO climbed 9% to about $38. Other than Ripple, ethereum classic was the only top 10 cryptocurrency to rise more than 10%. ETC’s 14% gain helped it secure the 10th place spot from Monero, who rose 8% to a new all-time high of $98.

 

Author: Josiah Wilmoth on 23/08/2017

 

Posted By David Ogden Entrepreneur

David Ogden Entrepreneur

Cryptocurrency fall continues ahead of Bitcoin’s ‘civil war’ conclusion on Aug 1- Ether below $200

Cryptocurrency fall continues ahead of Bitcoin's 'civil war' conclusion on Aug 1- Ether below $200

Cryptocurrency fall continues ahead of Bitcoin's 'civil war' conclusion on Aug 1- Ether below $200

Bitcoin prices fell below USD 2,100 today and are inching towards breaking the USD 2,000 level, as bears continue their rampage on cryptostreet.

Cryptocurrencies continue to bleed as speculators remain jittery ahead of bitcoin’s scaling debate conclusion on August 1. The total market cap has dropped by USD 9 billion, a 11 percent fall, in the past 24 hours, according to coinmarketcap.com.

Bitcoin prices fell below USD 2,100 today and could soon break the USD 2,000 level, as bears continue their rampage on cryptostreet.

The price slipped to USD 2,057, at time of reporting, according to CryptoCompare.com, a drop of around 32 percent from its all time high of USD 3,000.

Ethereum, bitcoin’s closest rival in terms of market cap, again dropped sub-USD 200 to the levels of USD 186, as per CryptoCompare. After falling 50 percent from its all-time high in June, ether has now hit a 45-day low.

Other major cryptocurrencies like litecoin, ripple, zcash have witnessed a drop of 10-20 percent over the past 24 hours.

The crypto-asset space reached a peak market cap of USD 116 billion in June and since then has lost USD 42 billion, a 36 percent correction over the past one month, entering a bear market, going by conventional definition.

Since the start of 2017, cryptocurrency prices have had a phenomenal rally. Experts believe this was due to speculative buying as prices were being driven by the mania for initial coin offerings (ICOs).

 

What the ‘fork’

Just when everyone thought it was over, the bitcoin ‘civil war’ resurfaced in June when major mining firm Bitmain announced the launch of a user- activated hard fork (UASF).

In May, a majority of blockchain industry bigwigs reached a consensus regarding the bitcoin scaling solution and agreed to enable the Segregated Witness (SegWit).

The SegWit was supposed to be a soft fork, a temporary solution to make bitcoin's software protocol handle the growing transactions burden.

"The prospect of a bitcoin fork isn't enticing for bitcoiners as it highlights the inability for the project to move forward and the divisiveness in opinions on how to do so," Charles Hayter, co-founder and CEO of cryptocurrency data platform CryptoCompare, had earlier told Moneycontrol.

"The scaling debate has been around for two years now and the ramifications of the present state of play lead to a number of price-sensitive scenarios that are not positive."

n case of a hard fork, if the bitcoin blockchain splits, users are at risk of losing their bitcoin. Bitcoin experts have suggested to not make transactions during the uncertain time period around August 1.

If the Bitmain hard fork happens then there would be two legitimate Bitcoin ledgers on August 3rd. The soft forked version of Bitcoin and the newly forked Bitmain Bitcoin.
 

David Ogden
Entrepreneur
David Ogden Entrepreneur

 

Author: Sidhartha Shukla