Price Analysis

Bitcoin Leads $30 Billion Market Race

On Tuesday, the cryptocurrency market capital earned $30 billion, supported by a all-round promotion that saw more than 80 of the 100 biggest coins and tokens growth against the value of the US dollar. The Bitcoin price was the day’s top-liner, increasing by 10% to threaten the $11,000 threshold, but a number of other cryptocurrencies displayed high results as well.

The bull rod allowed the cryptocurrency market cap to reach $461 billion, representing a 24-hour rise of 7%.

Bitcoin Price Grows due to Poloniex Purchase

BTC price surpassed the index on Tuesday, increasing by 10% to $10,716 on Bitfinex. This represented a 5-day high for the flagship cryptocurrency. Bitcoin now has a $181.7 billion market capital, which equals a 39,4% market proportion.

The Bitcoin price race correlated with the statement that fintech startup Circle had purchased cryptocurrency exchange Poloniex in a deal reportedly worth $400 million. Apart from this, the acquisition also increases the exposition of cryptocurrency-unbelievers such as Goldman Sachs to the industry’s deliver chain, as the investment banking giant was one of Circle’s first investors.

It is still uncertain to what degree the purchase factored in the market’s single-day advance, the move clearly represents a move forward in making cryptocurrency-related investments palatable to mainstream companies.

Ethereum Price Tests $900

The Ethereum price Falled behind the index on Tuesday but still managed to return a 2% rise to $882. At one point, Ethereum made a run at the $900 obstacle, but the 2nd-largest cryptocurrency ran out of steam at $895 and subsequently ebbed to its current level. Now Ethereum has an $86,6 billion market cap, leaving it with an 18,8% proportion of the index.

Altcoins Advance, But Litecoin Gets Left Behind

On Tuesday, large-cap altcoins made a near-comprehensive advance, but there was one noticeable cryptocurrency — Litecoin — that sat out the race.

The Ripple price increased by 4% for 24 hours, falling beind the index but getting back to $0,93. Bitcoin Cash, in the mean time, made an 8% advance, raising its price to $1,272 and market cap to $21,6 billion.

Litecoin,the 5th largest cryptocurrency, was the only one out of top 10-cryptocurrency to fall against the dollar. The Litecoin price reduced by 3%, returning it to a present value of $219.

NEO, on the other hand, almost doubled the index return with a 13% growth. NEO is now valued over $140, supplying the token with a $9,1 billion market cap.

EOS was the only other top 10-altcoin to beat the index, increasing by 8% to $8,39, while Cardano, Stellar, and IOTA rounded out the market’s top tier with revenue of around 4%.