[2017-09-01] $175 Billion: Record BTC Price Lifts Crypto Market Cap to New Heigh

[ivanpoldark]

The crypto markets rang in the beginning of September by setting a flurry of records. The bitcoin price crossed yet another milestone, soaring past $4,800. The ethereum price continued to inch toward $390, while the litecoin price surged to a record $79. This market rally lifted the total value of all cryptocurrencies from $169 billion on August 31 to $175 billion today, setting yet another all-time high for the total cryptocurrency market cap.

Bitcoin Price Soars Past $4,800

As the month of August waned, the bitcoin price broke past $4,700 to set a new all-time high. The advance continued on Friday, thrusting the bitcoin price over $4,800. At the time of writing, the global bitcoin average price was $4,820 according to CoinMarketCap, but several exchanges priced BTC much higher. On Bitstamp, the bitcoin price was $4,844, while Poloniex’s LTC/BTC pair priced bitcoin at $4,903.


Altogether, the bitcoin price rose 3% for the day and has risen 10% over the past week. Bitcoin’s market cap is now just a few hundred million short of $80 billion.

Ethereum Price Edges Toward $390

The ethereum price joined bitcoin in its rally, rising another 2% to come within pennies of $390. Although the ethereum price has not had any jaw-dropping single-day rallies over the past week, it has consistently trended upward, bringing its 7-day rise to 17%. At the time of writing, the ethereum price was $389, which translates into a $36.7 billion market cap. Ethereum is now just $20 away from the all-time high it set in mid-June.

Price Charts: https://www.cryptocoinsnews.com/175-billion-record-bitcoin-price-lifts-crypto-market-cap-new-heights/

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[bouren]

The crypto traffic has already seen green signal ahead as there is no FUD currently so we can assume September is gonna new height for cryptocurrencies. Several non-tech niches are now diverging to cryptos to make high returns. Increased prices are result of this hike in real buying.
We can see $200B this month, no doubt.

[iram1011]

Bitcoin price was growing unexpectedly since April when the price almost doubled and the appreciation continued till June. But July was the month of uncertainty and hence we saw a major drop. Buying activity decreased sharply because investors wanted to wait till August. Since the start of August the buying activity which was on hold in july increased and price again doubled. Overall there is a huge demand for Bitcoin in 2017 as it is becoming more popular. We are indeed going to touch $6k in Sep.

[richardsNY]

We can see $200B this month, no doubt.

We have already seen the total crypto market cap break through the $1000 billion barrier already -- which clearly shows how insignificant the market cap in its entirety is. People should only look at how Bitcoin's market cap is performing, and thus discard how the market caps of altcoins are performing. It's insanely easy to manipulate the market cap of a certain coin if it has billions and billions of circulating coins already. In the same way, news sites were praising BCH for "gaining" a market cap of many billions, while they ignored that it's all due to the circulating coins at the point the fork happened.