The markets continued to climb on Thursday, albeit at a slower pace than on Wednesday. The bitcoin price inched closer to $4,600, while the ethereum price posted a minor decline. The real movement came further down the charts. The bitcoin cash price rallied nearly 20% and may target $700, while the NEO price is surging thanks to a new listing on a major exchange.
These factors converged to raise the total value of all cryptocurrencies to $162 billion–a 24 hour gain of $4 billion. While still about $18 billion below the all-time high the crypto market cap set last weekend, this signifies a recovery of nearly $30 billion within a three-day period.
The bitcoin price ticked up about 1% on Thursday, resulting in a $50 climb from $4,522 to $4,572. This progress was not as exciting as bitcoin’s $550 single-day climb on Wednesday, but it nevertheless brought the bitcoin price closer to $4,600. The last time the bitcoin price reached that level, it quickly surged toward $5,000.
At present, bitcoin has a market cap of $75.7 billion and a daily trading volume of nearly $2 billion.
Ethereum posted a double-digit rally leading into Wednesday morning, but it did not continue throughout the rest of the day. The ethereum price made several attempts to break past $330, but none of them proved permanent. After rising as high as $335 during the evening hours of September 6, the ethereum price receded to the $320 level the next morning. At present, the ethereum price is $326, representing a daily decrease of about one-third of one percent. Ethereum retains a market cap of $30.8 billion.
Investors should keep an eye on the upcoming deployment of Metropolis, the latest ethereum protocol upgrade. The first part of this release will occur on September 22 and, based on previous protocol upgrades, one should anticipate that the ethereum price will rise as that date approaches.
The bitcoin cash price posted the best performance of any top 10 coin on Thursday. After starting the day at $562, the bitcoin cash price surged by 19%, leaping more than $100 to $684. This raised the bitcoin cash market cap to $11.3 billion–its highest mark since August 22.
Significantly, this price surge has made bitcoin cash moderately more profitable to mine than the main bitcoin blockchain. This has brought several mining pools, including AntPool, back to the BCH network. In the past day, the bitcoin cash hashrate has doubled to a little more than 1 EH/s, representing about 12% of the combined BTC/BCH hashpower.
The altcoin markets were generally positive on Thursday, although there were a few exceptions. The Ripple price held steady at $0.222 following the announcement that the FinTech startup was making a move into India. The litecoin price rose 3%, briefly breaking past $80 before settling down to $78 this morning.
NEM was the only top 10 coin to make a noticeable decline; its price waned 3% to $0.295. The Dash price, meanwhile, peeked across the $340 level with a 1% daily gain; its market cap is now just $80 million behind NEM’s. The IOTA price continued its recovery, rising 10% to $0.713. Ninth-ranked Monero held steady at $119, while ethereum classic rose to $18 following a 3% bump.
Bitcoin cash may have returned the best performance in the top 10, but even its progress has been eclipsed by 11th-ranked NEO. Earlier this morning, bitcoin exchange Bitfinex announced that it had added NEO to its platform and provided the cryptocurrency with USD, BTC, and ETH trading pairs. This announcement caused the NEO price–which severely contracted following news of the China ICO ban–to shoot up.
At the time of writing, the NEO price had increased more than 30% for the day, rising from $20 on September 6 to nearly $29 on September 7.
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Last modified: May 21, 2020 9:16 AM UTC