Crypto market cap sets new all-time high even as Bitcoin trades sideways
Investing.com - The collective market cap for the cryptocurrency asset class set a fresh all-time high on Tuesday, rising above $161 billion for the first time, even as bitcoin, the largest asset in the market, continued to trade sideways.
On the U.S.-based Bitfinex exchange, Bitcoin touched a low of $4,336.7 and was at $4,360.3 by 06:50 AM ET (10:50 GMT) having opened at $4,415.00.
Since setting an all-time high of $4,489.1 on Aug.17, prices dropped back below the $4,000 level before regaining ground to hover in the $4,400 range.
The digital currency has quadrupled in value this year and at current prices bitcoin has a market cap of about $72 billion.
Meanwhile, the price of the new bitcoin offshoot, Bitcoin Cash was lower. It touched a low of $578.01 and was last at $578.88, having opened at $590.70.
It rose to a high of $935.50 on August 19, the strongest level since the split or so-called ‘hard fork’ on August 1 when the blockchain supporting bitcoin split into two, creating bitcoin cash.
At current prices, bitcoin cash has a total market capitalization of around $9 billion, making it the third most valuable cryptocurrency.
Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 5.86% to $364.11.
Meanwhile, Litecoin edged lower, dipping 0.63% to $62.53, not far from the record high of $64.82 set on Monday. "Bitcoin Will Make More Millionaires In 2017 & Beyond than Any Other Venture" .