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Bitcoin price continued to appreciate throughout the week, setting all time highs one day after the other. Prices passed through a small consolidation phase giving short term traders to take quick profits before maintaining the bullish trend.
This momentum is likely to continue as we head into the weekend. Only the time will tell how far the bulls will run before we get a correction.
Crypto markets couldn’t have asked for a better start to the month. While Bitcoin price soared past $4800, Ethereum price inches towards $400 and Litecoin surged to a record $79. This rally lifted the total value of all cryptocurrencies from $169 billion on August 31 to $175 billion today, setting yet another all-time high for the total cryptocurrency market cap.
Interestingly, Charlie Shrem, an entrepreneur and bitcoin advocate, calls out any Bitcoin price below $100,000 as “cheap”. He tweeted out saying:
“There will only ever be 21 Million #Bitcoin. Its becoming increasingly harder to buy just 1. Anything below $100,000 per #Bitcoin is cheap.”
Top Stories from the Crypto World
1. Bitcoin and Ethereum ETF Chances Increase
The Securities and Exchanges Commission (SEC) announced yesterday Dalia Blass as a new Director of the agency’s Division of Investment Management. Blass’s credentials are impeccable to say the least.
She started her career in the London office of Shearman & Sterling LLP, gradually progressing to Ropes & Gray LLP — a firm advising the Winklevoss in their bitcoin ETF bid.
Why it matters: SEC has considered allowing Bitcoin ETF in the past. The last time they had people speculating for weeks on whether the ETF would be approved or not, even though they seemingly had already made their decision months earlier.
In May of this year, SEC finally dropped the bomb and rejected the ETF at the very last minute – in a manner that some took as an intentional insult to this space. Now with Blass at the helm, it seems this space is being sent a very strong signal because this market keeps on rising to a current $175 billion market and can’t be ignored.
2. Btc-e is back online
At BitcoinPrice we have been covering BTC-e situation since the very beginning. The last we heard from them was when they pledged to return their customers’ funds.
Now the website is finally live but with limited functionality. Users are apparently able to check and send messages and check their account balances. Features and services should gradually come back online. The domain http://btc-e.nz was active today, though not accessible to users in some parts of the world.
3. Litecoin is on the rise again
Litecoin also termed by some as “the silver to bitcoin’s gold” passed $78 to achieve a new all-time high. South Korean exchange Bithumb has seen the majority of the trading, hosting 22 percent of the litecoin volume in the last 24 hours.
Litecoin has seen a resurgence since its community moved to activate Segregated Witness (SegWit) on its network early in May – a scaling solution that also opens the door to new features such as smart contracts going forward.
At the time of writing Litecoin is trading at $79.32 as per Coinmarketcap.