The ethereum price broke through $360 on Tuesday as it continued its quest to climb back to $400. The bitcoin price, once again, was unable to attain a new all-time high, but it did manage to return a minor gain.
The altcoin markets were mixed, but strong showings toward the top of the rankings lifted the total crypto market cap to a new record of $161.6 billion. Significantly, two more altcoin market caps crossed $1 billion, bringing the total number of billion-dollar club members to 13.
The ethereum price led Tuesday’s advance. Bolstered by strong trading volume in South Korea and China, the ethereum price rose 6%. At present, ethereum is trading at $362, its highest mark since late June. Ethereum now has a market cap of $34 billion.
Ethereum’s rise comes as initial coin offerings (ICO) are continuing to gain media exposure, so much so that the U.S. Securities and Exchange Commission has begun to crack down on publicly-traded companies for using ICO-related claims to pump up their stock prices. Moreover, celebrities such as Mark Cuban and Floyd Mayweather have begun promoting ICOs. In some sectors, ERC20 token crowdsale funding has begun to overtake traditional venture capital.
The bitcoin price rose 1.5% on Tuesday, briefly crossing $4,400 to rise as high as $4,414. Unfortunately, the bitcoin price was unable to make the significant push toward $4,500 that investors are waiting for. At present, the bitcoin price has dipped back to $4,366. This leaves the bitcoin market cap at $72.2 billion.
The bitcoin cash price continued its weeklong decline, dropping below the $600 threshold for the first time since August 18. At present, the bitcoin cash price is $587, which represents a 24-hour decline of 3%. This decline pushed the bitcoin cash market cap below $10 billion.
Earlier this month, bitcoin cash roared close to $1,000 with help from traders on Asian exchanges, but that volume has begun to dry up. After regularly posting daily trading volumes exceeding $1 billion, today’s volume was just $200 million.
The altcoin markets were mixed on Tuesday, but they did provide several noteworthy developments.
First, the Ripple price recovered from its weekend crash, rising 9% after the company revealed it had hosted leaders from the Chinese central bank to tell them about trends in blockchain technology.
The litecoin price, meanwhile, managed to hold above $60 after rising to this all-time high on August 28. The Dash, NEM, and NEO prices made little movement, while IOTA and Monero saw dips of 4% and 7%. Ethereum classic, which has flown under the radar in recent weeks, has slowly climbed back to $16, but it remains stuck at 11th in the rankings.
The other major development that took place in the altcoin markets was the introduction of two new members to the $1 billion club. Both Hshare and Qtum crossed $1 billion, bringing the total membership of this once-exclusive club to 13.
Bitcoin has lessened its dominant grip on the crypto markets in the latter half of August, as investors have diversified their holdings into other cryptocurrencies. Bitcoin still boasts a 44.7% market share, but this is significantly below the majority share it held earlier this month.
Ethereum’s share has climbed back to 21% after briefly dipping to 19% earlier in August, while bitcoin cash and Ripple control 6% and 5.2%, respectively. Significantly, there are now 10 cryptocurrencies with shares exceeding 1%.
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Last modified: May 21, 2020 9:17 AM UTC