The bitcoin price broke past $4,000 on Wednesday, headlining another generally-positive day
for the crypto markets. Few cryptocurrencies made eye-catching movements, but
most made moderate progress to extend the early-week market recovery.
Altogether, the markets added another $4 billion, bringing their combined
capitalization above the $140 billion threshold.
The total
cryptocurrency market cap began the day at $136.1 billion. It spent most of the
day on an incline, eventually reaching $141.8 billion at the time of writing.
The crypto market cap has grown by about $10 billion since the start of the
week, potentially indicating that traders are adjusting to the post-China bitcoinexchange ban environment.
Bitcoin
Price Punches Through $4,000 :
Bitcoin
headlined the market advance with a march past $4,000. The bitcoin price had
been trading at this level a week ago but had succumbed to downward pressure
leading into the weekend, eventually reaching a weekly low of $3,555 on
September 22. However, it reversed course after reaching that mark and began to
scale the charts once again. Wednesday morning, bitcoin broke through $4,000
and has continued to climb, bringing its present value to $4,074. This
translates into a $67 billion market cap.
One factor
influencing bitcoin’s continued climb is the continued development of Asian cryptocurrency
infrastructure following China’s hostile stance toward order-book exchanges.
Both South Korea and Japan are expected to fill the void left by Chinese
bitcoin exchange giants such as OKCoin, Huobi, and BTCC. To that end, a popular
Korean messaging platform has announced plans to create a major cryptocurrency
exchange, while NXC–a Korean holding company for the $10 billion Japanese
gaming firm Nexon–has just purchased a majority stake in Korbit, Korea’s
second-largest bitcoin exchange.
Source: Cryptocoinsnews
Source: Cryptocoinsnews
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