$5K Bitcoin is starting to look really promising. Hitting this milestone will also mean Bitcoin will have a market cap of roughly $83 billion, which could lead to a $100 billion market cap. Hitting $100 billion would be another amazing milestone, which will help draw wider attention to Bitcoin and the cryptocurrency scene.
All trading involves risk. Only risk capital you are prepared to lose. This is not investment advice. CFD trading.
Other cryptocurrencies have taken quite a beating today. This could be the result of a number of reasons:
- When Bitcoin is rallying you start to see some cryptocurrencies suffer as money is being shuffled back into Bitcoin.
- Cryptocurrencies could be retracing after a big rally.
- Early signs of a possible correction.
If we look at the charts below for the total global market capital for Bitcoin and total market capital (just altcoins excluding Bitcoin) you will see that the total market cap is on the rise, while the total market cap for cryptocurrencies has dropped in the past two days.
So far, the total growth is pretty stable, but the signs are there that if we continue to grow at this rate, we could possibly be at risk of another correction. Corrections are healthy, and if we see one it will be nothing to worry about as we see it happen all the time in the digital asset world.
In Other News
NEO continues to show gains. On August 9th, one NEO was at $19.25 with a market capital of $900 million. Right now, the cryptocurrency is supporting around the $40-$46 ranges with a total market capital of $2.3 billion. That’s a 100% value increase with a 200% market capital hike.
This article was first posted on Etoro.com/blog: Our Premium Trading Partner.