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.
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.
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.
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.
At present, the bitcoin price is trading at a global average of $8,260, which translates into a $137.9 billion market cap.
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 now has a market cap of $40.3 billion, giving it a $12.4 billion edge on bitcoin cash.
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.
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: March 4, 2021 5:02 PM