The August rally resumed on Thursday, led by strong showings from the bitcoin and ethereum prices. The altcoin markets added to the excitement by introducing a new member to the $1 billion market cap club. A record 10 cryptocurrencies now have valuations exceeding that threshold.
The total cryptocurrency market cap also set another all-time high. After briefly dipping to $119 billion on Wednesday, it climbed to $124.9 billion on August 10. This puts the total value of all cryptocurrencies about $200 million above its previous high.
The bitcoin price wavered on Wednesday, briefly slipping below $3,300. But it reversed course later in the day and fought back to the $3,400 mark. At present, the bitcoin price is $3,433, placing it within striking distance of its record. Bitcoin now has a market cap approaching $57 billion.
Today’s 4% gain comes as mainstream investment firms are beginning to give cryptocurrency a closer look. Goldman Sachs told institutional investors it is getting “harder to ignore cryptocurrency” because there are increasingly “real dollars at work here.” Fidelity Investments, another major firm, added Coinbase integration to their online service, enabling clients to view their bitcoin, ethereum, and litecoin balances alongside their other investments.
The ethereum price pushed through the $300 barrier on Thursday to cap off a 36% weekly increase. Ethereum now has a market cap of $28.8 billion. If ethereum continues this momentum, investors will see a new ethereum price record sooner rather than later.
There are signs that may happen, because the Ethereum community received exciting news today. Vitalik Buterin and Joseph Poon announced a proposal for Plasma, a scalable smart contracts framework designed to lower network transaction fees and integrate with the Ethereum blockchain.
Obviously, Plasma development will not be completed anytime soon, but news of the proposal could assuage investor worries about Ethereum’s ability to scale.
The bitcoin cash price continued to decline on Thursday, even as the wider market pressed forward. At present, the bitcoin cash price is $292, indicating a daily reduction of 10% and a weekly decline of 29%. Bitcoin cash currently has a $4.8 billion market cap.
Every top 10 coin except for bitcoin cash saw positive movement on August 10. Ripple, litecoin, and ethereum classic all returned slight increases, while the NEM price rose 10% to $0.298. The IOTA price rose 9% following an impressive week, enabling it to pass Dash for 7th place in total market cap.
Once again, NEO was the day’s standout. The “Chinese Ethereum” has increased by 196% in the past 7 days, including a 49% rise in the past day alone. NEO’s rapid progress thrust its market cap over $1 billion, making it the 10th cryptocurrency (at present) to reach above that level.
Market cap distribution remained relatively stable during the day’s advance. Bitcoin saw a slight decrease to 45.3%, while ethereum experienced an even slighter uptick. Ripple, whose price held steady for the second consecutive day, lost about 0.2% to reduce its market share to 5.6%.
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Last modified: May 21, 2020 9:37 AM UTC