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Bitcoin Price Breaks Past $4,000 as Crypto Market Cap Grows to $140 Billion

Last Updated March 4, 2021 5:00 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:00 PM

The bitcoin price broke past $4,000 on Wednesday, headlining another generally-positive day for the crypto markets. Few cryptocurrencies made eye-catching movements, but most made moderate progress to extend the early-week market recovery. Altogether, the markets added another $4 billion, bringing their combined capitalization above the $140 billion threshold.

Chart from CoinMarketCap

The total cryptocurrency market cap began the day at $136.1 billion. It spent most of the day on an incline, eventually reaching $141.8 billion at the time of writing. The crypto market cap has grown by about $10 billion since the start of the week, potentially indicating that traders are adjusting to the post-China bitcoin exchange ban environment.

Chart from CoinMarketCap

Bitcoin Price Punches Through $4,000

Bitcoin headlined the market advance with a march past $4,000. The bitcoin price had been trading at this level a week ago but had succumbed to downward pressure leading into the weekend, eventually reaching a weekly low of $3,555 on September 22. However, it reversed course after reaching that mark and began to scale the charts once again. Wednesday morning, bitcoin broke through $4,000 and has continued to climb, bringing its present value to $4,074. This translates into a $67 billion market cap.

Bitcoin Price Chart from CoinMarketCap

One factor influencing bitcoin’s continued climb is the continued development of Asian cryptocurrency infrastructure following China’s hostile stance toward order-book exchanges. Both South Korea and Japan are expected to fill the void left by Chinese bitcoin exchange giants such as OKCoin, Huobi, and BTCC. To that end, a popular Korean messaging platform has announced plans to create a major cryptocurrency exchange, while NXC–a Korean holding company for the $10 billion Japanese gaming firm Nexon–has just purchased a majority stake in Korbit, Korea’s second-largest bitcoin exchange.

Ethereum Price Treads Water

The ethereum price did not make significant movement on Wednesday, but it did inch a little bit closer to $300. After beginning the day at $291, the ethereum price dipped below $290 before eventually recovering past that mark Wednesday morning. At present, the ethereum price is trading at $294, which represents a 24-hour increase of about 1%. Ethereum now has a market cap of $27.9 billion.

ethereum price
Ethereum Price Chart from CoinMarketCap

Ripple Rises to Third

The altcoin markets made moderate gains on Wednesday, although there were a few outliers on both ends of the performance spectrum.

ethereum price
Altcoin Price Chart from CoinMarketCap

The most significant altcoin movement came from Ripple, whose price rose 12% the day after the FinTech startup announced a new office in Singapore. The Ripple price is now trading at $0.204, which gives the centralized cryptocurrency a market cap of $7.8 billion.

ripple price
Ripple Price Chart from CoinMarketCap

This surge gave Ripple the momentum it needed to leap over bitcoin cash in the market cap rankings and regain its status as the third-largest cryptocurrency. Bitcoin cash, meanwhile, declined close to 1% for the day, reducing its price to $450 and market cap to $7.5 billion.

The litecoin price rose another 3%, while 6th-place Dash held steady at $342. NEM added 2% to its market cap, which now sits just above the $2.1 billion thresholds. The NEO price continued to surge, rising another 17% to $31 and 8th place in the rankings. IOTA–another outlier–declined 3%, while 10th-place Monero rose 4% to bring its price to $96.

Featured image from Shutterstock.