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.
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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
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