Bitcoin Price Holds Above $8,250 Despite Ethereum, Bitcoin Cash Surges

Journalist:
November 24, 2017

The Thanksgiving leftovers have been neatly packaged and stored away in refrigerators across the U.S., but investors will not be receiving any Black Friday discounts in the cryptocurrency markets this year. The three largest cryptocurrencies advanced in unison today, with the bitcoin price holding above $8,250 even as ethereum and bitcoin cash raced past significant milestones.

Source: CoinMarketCap

Against this backdrop, the total cryptocurrency market cap extended its record-setting streak. Having surged past $250 billion for the first time the previous day, the crypto market cap added more than $5 billion on Friday, bringing its new total to a present value of $258.7 billion.

Source: CoinMarketCap

Bitcoin Price Weathers the Storm

Ever since the post-SegWit2x cancellation bitcoin cash pump, there have been rumors that BCH advocates would mount another rally — perhaps on November 23, when U.S. investors and traders would be less active in the markets due to the Thanksgiving holiday. That theory was proved correct, though not to the degree that many expected.

The bitcoin cash price climbed nearly $600 — from $1,200 on Wednesday to $1,800 on Thursday — before pulling back to a present value of $1,658. This nevertheless represents an eight percent day-over-day increase and brings the BCH market cap to $27.9 billion.

Bitcoin Cash Price Chart | Source: CoinMarketCap

However, contrary to the last bitcoin cash pump, this one did not come at the expense of bitcoin. The bitcoin price did give investors a brief scare by temporarily falling below the $8,000 mark, but it quickly recovered and actually tested its all-time high on several exchanges.

Bitcoin Price Chart | Source: CoinMarketCap

At present, the bitcoin price is trading at a global average of $8,260, which translates into a $137.9 billion market cap.

Ethereum Price Reaches Record $420

Bitcoin’s resilience is even more impressive given that bitcoin cash was not the only top-tier cryptocurrency that threatened to funnel capital away from bitcoin to fuel its own surge. The ethereum price mounted a rally of its own, punching through the $400 level for the first time since June. The ethereum price ultimately rose as high as $425 — a new all-time high — and is currently trading just below that level, at $420.

Ethereum Price Chart | Source: CoinMarketCap

Ethereum now has a market cap of $40.3 billion, giving it a $12.4 billion edge on bitcoin cash.

Other Markets Take a Holiday

The remainder of the top 10 was surprisingly quiet on Friday, with four cryptocurrencies moving less than one percent and just one venturing past the two percent marker.

Source: CoinMarketCap

That asset was IOTA, whose price plummeted by 18 percent following an extended — if uneven — rally. The IOTA price is now $0.734, which translates into a market cap just above $2 billion and drops IOTA to ninth in the market cap rankings.

Last modified (UTC): November 24, 2017 16:34

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.