$10 billion were added to the total cryptocurrency market cap Wednesday. After entering the day at $142.5 billion, the total value of all cryptocurrencies rocketed through the $150 billion threshold to set a new all-time high of $152 billion!
Bitcoin Price Leaps Past $4,200
Bitcoin’s price had experienced an early-week correction, briefly diving as low as $3,675 on August 22nd. Theories for this decline include a hashrate shift from Bitcoin to Bitcoin Cash, as well as concerns surrounding the SegWit/SegWit2x debate. However, the price of Bitcoin had strong support on the Asian exchanges, which helped prevent it from staying below $4,000 for long. Today’s 9% climb brings the Bitcoin price to a present value of $4,200 and a market cap of just over $70 billion.
Bitcoin Price Chart from eToro.com
Ethereum Price Closes on $350
The price of Ethereum did not quite keep up with the pace of Bitcoin, but it did log a 4% increase for the day. At present, the value of Ether is $314, bringing the Ethereum market cap to $30.4 billion.
Ethereum Price Chart from eToro.com
Metropolis, Ethereum’s next major protocol upgrade is quickly approaching. Although these protocol upgrades are implemented by hard forks, they have generally been supported by the community. Consequently, many investors believe Ethereum prices will dip as low as $300 as its September release nears.
This article was first posted on Etoro.com/blog: Our Premium Trading Partner.