Home Coins Litecoin (LTC) Bitcoin Slices Through $17,000 as Market Cap Nears All-Time High

Bitcoin Slices Through $17,000 as Market Cap Nears All-Time High

Bitcoin (BTC) traded above $17,000 Tuesday at 12:00 UTC for the first time since Jan. 7, 2018, according to the CoinDesk 20 price index.

The rise pushes the leading cryptocurrency’s total market capitalization to over $315 billion, just short of its $335 billion record.

Since its yearly lows below $4,000 in March, when prices crashed over 50% in a single day, BTC has rebounded by more than 330%. Since Jan. 1, the leading cryptocurrency has gained 130%.

BTC’s “spectacular surge” in 2020 largely mirrors its 2017 trajectory, Ben Zhou, co-founder and CEO of derivatives exchange Bybit, told CoinDesk in an email. One key difference this time, however, is the “infusion of institutional money.”

With Monday’s rally, BTC is now trading roughly 15% below its all-time high of almost $20,000 set in December 2017.

Alternate cryptocurrencies (altcoins) are following in bitcoin’s wake. Leading altcoin ether (ETH) is trading at $465 at last check, up 20% this month. Litecoin (LTC) has gained around 30% month to date. Even dogecoin, which stayed quiet after its short-lived TikTok craze in July, spiked nearly 10% Monday, before giving back some of its gains in the afternoon trading hours.

Despite BTC’s strong performance in a predominantly spot market-driven rally fueled by North American buyers, exchange trading volumes remain relatively unimpressive. For example, monthly volume of Coinbase’s BTC/USD trading pair has stayed nearly flat since June.

November could mark a shift in that trend, however, as over-the-counter trading is growing at a steady clip. Halfway through November, volume at the industry-leading desk B2C2 was roughly equal to the whole month of October, said founder Max Boonen in an email. “Market prices can also move on little to no volume,” he added.

As BTC continues to rally, Zhou told CoinDesk, “We may well see minimal resistance until the bitcoin price approaches its all-time high.”

Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,551FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.20
GBP
1.33
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

Big banks think new furniture is innovation, but they are wrong

When banks finally come to improve their technology experience, they go no deeper than changing the front end. They’ll make a button blue...

Yearn & Cover merger. Yearn and Cover Protocol join forces… | by Andre Cronje | yearn.finance | Nov, 2020

Yearn and Cover Protocol join forces. Providing cover has been a key initiative at Yearn since working with Nexus Mutual to launch yInsure....

Digital Euro: Germany calls for expedited action

Germany’s minister of Finance advises the EU to work harder on digital EuroChina had earlier advised G20 members to work collectively...
bitcoin
Bitcoin (BTC) $ 17,137.06
ethereum
Ethereum (ETH) $ 517.58
ripple
XRP (XRP) $ 0.560568
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 267.57
bitcoin-cash-sv
Bitcoin SV (BSV) $ 162.92
litecoin
Litecoin (LTC) $ 70.34
eos
EOS (EOS) $ 2.90
binancecoin
Binance Coin (BNB) $ 28.66
okb
OKB (OKB) $ 5.26
tezos
Tezos (XTZ) $ 2.30
leo-token
LEO Token (LEO) $ 1.35
cardano
Cardano (ADA) $ 0.153704
monero
Monero (XMR) $ 117.45
stellar
Stellar (XLM) $ 0.209644
chainlink
Chainlink (LINK) $ 12.65
huobi-token
Huobi Token (HT) $ 4.06
tron
TRON (TRX) $ 0.029315
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 99.76
neo
NEO (NEO) $ 17.12
iota
IOTA (MIOTA) $ 0.315235
nem
NEM (XEM) $ 0.181511
zcash
Zcash (ZEC) $ 72.67
maker
Maker (MKR) $ 517.69
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 6.19
vechain
VeChain (VET) $ 0.014622
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 4.01
kucoin-shares
KuCoin Shares (KCS) $ 0.807830
waves
Waves (WAVES) $ 6.47