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Bitcoin Hits New Record High, Ethereum Jumps on Korean Interest

Bitcoin Hits New Record High, Ethereum Jumps on Korean Interest

Nick Cawley, Strategist

Talking Points

- After patiently building a base, BTC soars in early US turnover, making yet another record high.

- Ethereum enjoys another positive session after buying interest increases on Korean exchanges.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC) Makes Yet Another Record High Print

Another day, another record high as BTC trades in excess of $4600 on renewed buying interest. The token’s capitalization also rose to just under $76 billion, helping push the total crypto-currency market capitalization to just over $164 billion. With political tensions continuing to ramp up, after North Korea fired a test missile over Japan into the Pacific Ocean, the digital heavyweight is taking advantage of weakness in some of the other traditional fiat currencies.

A report by Vietnam news agency Vietnam+ also added to the ongoing interest in Bitcoin when it was reported that the countries Prime Minister Nguyen Xuan Phuc had approved a plan to scrutinize and streamline a legal network for crypto-currency management, opening the way for them to be legally recognized in the country in the future.

Chart: Bitcoin (BTC) Price Three Hour Timeframe (August 15 – August 29, 2017)

Chart by IG

Ethereum Gains on Korean Buying Interest

Ethereum (ETH) is the latest crypto-currency to show strong gains on overnight buying interest out of Korea. The second-largest currency by market capitalization saw over $200 million turnover against the Korean won (KRW) over two exchanges, Bithumb and Coinone, while Chinese exchange OKCoin.cn handled nearly $85 million in ETH/CNY trade. Ripple (XRP) continued to give back some of its recent Asian gains, with traders transacting over $364 million of XRP/KRW orders over Bithumb and Coinone.

Chart: Ethereum Price Daily Timeframe (May – August 29, 2017)

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Market Moves/Top 8 Capitalizations – August 29, 2017

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--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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