Bitcoin Price Targets $6,000 as Crypto Market Cap Crosses $170 Billion

Journalist:
October 13, 2017

The bitcoin price continued its meteoric rise on Friday, climbing as high as $5,840 to make $6,000 seem like a near-term possibility. The wider crypto markets experienced a general upswing as well, with the ethereum price posting a 7% to gain to rise above $325 for the first time in more than a month.

Chart from CoinMarketCap

Altogether, the combined value of all cryptocurrencies rose by another $10 billion for the day. On Thursday, the crypto market cap hit $160 billion after the bitcoin price reached $5,000. It continued to rise throughout the day, eventually crossing $165 billion early Friday morning. Suddenly, the markets spiked above $170 billion for the first time since September 2. At present, the total cryptocurrency market cap weighs in at $171 billion, placing it less than $10 billion below its all-time high.

Chart from CoinMarketCap

Bitcoin Price Targets $6,000

This week has seen bitcoin rise at an unprecedented pace. Less than a week ago, the bitcoin price was trading below $4,500. However, it has not looked back since it burst through that barrier, enabling it to cross $5,000 and set a new all-time high on Thursday. That forward momentum continued on Friday, and the global average bitcoin price surged as high as $5,840 — with one exchange pricing bitcoin as high as $5,920 — before tapering off to a present value of $5,657. This gives bitcoin a market cap of $94 billion, raising its total valuation about $1 billion higher than that of investment banking giant Goldman Sachs.

Bitcoin Price Chart from CoinMarketCap

Bitcoin’s dominant market share has swelled to 55% this week, and many analysts expect that number to continue to grow in the coming months, with the bitcoin price extending past $6,000 — or perhaps even to $10,000 — within the near- to mid-term.

Ethereum Price Reaches Monthly High

The ethereum price joined bitcoin in its Friday rally, climbing 7% and extending as far north as $335, its highest mark in one month. At present, the ethereum price is trading at $328, which translates into a market cap of $31.3 billion.

Ethereum Price Chart from CoinMarketCap

Part of the reason for ethereum’s climb is that Coinbase announced that it will begin rolling out instant purchases for transactions paid for with a U.S. bank account, making it far more convenient for U.S. investors to obtain ethereum, bitcoin, and litecoin.

Litecoin Price Leads Altcoin Advance

The altcoin markets experienced a general upswing on Friday, although many coins lost value against bitcoin.

Altcoin Price Chart from CoinMarketCap

Ripple posted another disappointing day following its dramatic rise earlier in the month. The ripple price declined 4% to $0.248, reducing its market cap to $9.6 billion. Bitcoin cash fared slightly better, posting a 3% decline to $316

Litecoin Price Chart from CoinMarketCap

The litecoin price, meanwhile, leaped by 10% to $58, raising its market cap to $3.1 billion. Like ethereum, litecoin benefits from the Coinbase announcement, which is a likely contributor to its present rally.

Sixth-ranked dash rose 3%, bringing its price across the $300 threshold once again, but NEM and NEO each declined for the second-straight day. BitConnect added another 9% to its swelling market cap, enabling it to leap over monero and claim the ninth spot in the market cap rankings. BitConnect is now just $30 million behind eighth-place NEO. Although it lost ground to bitconnect, monero experienced a 5% increase of its own, raising its price to $92 to round out the top 10.

Featured image from Shutterstock.

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.