Bitcoin’s record-setting run continued on Saturday, as the bitcoin price touched the $6,200 mark to set a new all-time high.
On Friday, bitcoin shocked analysts and investors alike when it made a sudden run from $5,650 to $6,000 following a day of sideways trading. It fluctuated around that level leading into the weekend, and on Saturday it fought its way through the $6,100 barrier, eventually extending as high as $6,200 on Bitfinex.
At present, the bitcoin price is trading at a global average of $6,189, although BTC/KRW has already risen to an equivalent price of $6,308 on Korean exchange Bithumb.
Significantly, the bitcoin price rally has not reverberated throughout the markets. As the chart below demonstrates, most altcoins have seen their price against bitcoin plummet over the duration of the past week. Ethereum, for instance, has dropped 20% against bitcoin, while ripple has plunged by nearly 30%. Altogether, five cryptocurrencies in the top 10 have posted double-digit declines against bitcoin, and only eighth-ranked bitconnect has managed to make positive movement.
Price Chart (Valued in BTC) Source: CoinMarketCap
Bitcoin’s market cap is now $102.8 billion, which makes it considerably larger than both PayPal and Goldman Sachs, and this October bull run has enabled bitcoin to consolidate its position as the dominant cryptocurrency. One month ago, bitcoin controlled a 48% stake in the total cryptocurrency market cap. Now, that share has grown to 59%, its highest mark since the beginning of May, and it would not be surprising if it races across the 60% checkpoint within the near future.
Ethereum, once expected to surpass bitcoin to become the largest cryptocurrency by market cap, has seen its share decline from 20% to 16%, and ripple’s has fallen to 4.5%. Bitcoin cash has experienced the most dramatic decline among top-tier coins; since September 21, its share has nearly halved from 5.8% to 3.1%.
Featured image from Shutterstock.
National Chinese Science Academy Launches Blockchain Lab
China's federal science institution, the Chinese Academy of Sciences, is taking part in a new research effort around blockchain.
The highest academy for science in China said it had established a n
St Louis Fed Now Tracks Crypto Prices on Its Research Database
The St. Louis division of the U.S. Federal Reserve Bank is now tracking the prices of four cryptocurrencies in its research database.
According to an announcement on Tuesday, Federal Reserve Econom
Chinese Gov’t Rates EOS as the Best Public Blockchain, Bitcoin Drop to 17th
EOS tops the public blockchain among 30 projects in the cryptocurrency space, while bitcoin, the original and largest cryptocurrency, is ranked 17th, according to the Chinese government’s second mon
Bloomberg Terminal Adds Huobi's Cryptocurrency Market Index
Cryptocurrency exchange Huobi announced that financial data firm Bloomberg has added the HB10 crypto market index on its terminal for subscribers.
In an announcement on Thursday, Huobi said users o
Skycoin’s Chinese Marketing Team Took CEO Hostage and Stole 18 Bitcoins
The blockchain project Skycoin, which touts itself as the “the new internet for the new world”, saw a major sell-off over the past two weeks after an insider trading and a series of scandals were
Winklevoss Brothers Score Another Crypto Investment Patent
Crypto exchange Gemini founders Tyler and Cameron Winklevoss have long sought the creation of a bitcoin exchange-traded fund.
And while that process remains in flux, a company tied to the brothers
Why bitcoin made a comeback after the South Korean exchange hack
Bitcoin made a comeback despite crashing after a recent hack on a South Korean exchange, and two cryptocurrency traders explained why it rebounded. Charlie Lee, the founder of Litecoin, a global
Trump Official Argues for 'Sweet Spot' in Crypto Regulation
The U.S. government needs to find the "sweet spot" in its oversight of the cryptocurrency ecosystem, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, said on Wednesday.