Crypto Asset Class Clears $90 Billion as Bitcoin Price Spikes
From Coindesk
Spurred by a massive uptick in the price of bitcoin, the total value of all cryptocurrencies passed $90 billion yesterday, a high not observed since early July.http://www.coindesk.com/crypto-asset-class-clears-90-billion-bitcoin-price-spikes/With the move, the market capitalization of the asset class is again advancing toward $100bn, a figure it first exceeded in June when it reached an all-time high of $115bn.
At press time, the market is valued at just over $94 billion.
Still, it remains to be seen how much of that capital will remain given the rapid escalation observed in the price.
On Thursday, the price of bitcoin increased from just under $2,500 to a high of $2,889 amid an increasingly positive outlook for its technology development, analysts said.
Data from Coinmarketcap indicates the market capitalization of the digital asset increased accordingly, rising to $46 billion, from an opening figure of $37.9 billion.
Despite the rising bitcoin price, however, other assets have been performing strongly.
At publication, nine of the top 10 cryptocurrencies were showing gains, with only one, ether, showcasing a slight 24-hour decline. The figures further suggest an influx of largely new capital into bitcoin, rather than investors repositioning prior investments.
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South Korea has officially legalized Bitcoin as a remittance method, allowing fintech companies to process up to $20,000 worth of South Korean won in bitcoin for users.
It's making huge moves... I expected a pull back this weekend, boy was I wrong 😂
Bull run all day baby!
Nice post @contentjunkie i will follow you
This too shall pass...or not. Time will tell! Steem On
NICE we should keep up this bull run through the weekend. Check out my price forecast for the day :) https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-22-2017
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