Hot: Bitcoin Above $5,800, How High is the Limit?
Bitcoin once again claimed its dominance over the cryptocurrency market with a dramatic jump on Wednesday. The leading coin grew to above $5,800 just a day after it broke the $5,000 and $5,500 levels. Money started pouring in, and while in the past days the price was climbing with thinner volumes, in the last 24 hours more than $3.8 billion's worth of funds bought up BTC.
The increased interest and activity increased the dominance of Bitcoin to more than 56% of the total market capitalization of altcoins. The total market cap of Bitcoin jumped to above $95 billion, almost fulfilling predictions of a $100 billion market cap made this summer.
The funds pouring into Bitcoin are most likely coming from Japan and Korea, as these countries' exchanges control the larger part of trading volume. Official data show much lowered trading against the Chinese Yuan. Strangely, despite the fact that Europe and the US are hotbeds of mining activity, the buying interest comes predominantly from Asia.
Roughly, the most active trading against of Bitcoin fiat currencies has the following dominance scheme. The last 10% belongs to other currencies.
The increased interest in Bitcoin cannot be attributed just to the smaller Bitcoin Gold hard fork, which raises too many questions. But the possibility for a SegWit2X chain and a Bitcoin Core chain after November may be heating up the price. One thing is certain, the momentum may have drawn previously reluctant investors who want to throw their money at Bitcoin as it reaches record prices once again.
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