Bitcoin Prints a New Record High; 5K in Sight
- Another BTC all-time high as buyers take control of the market.
- The crypto-currency market is covered in green pushing the market valuation over USD171 billion.
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Bitcoin (BTC) Makes a New Record High
Bitcoin continues to be controlled by buyers and prints a new high around USD4,700 pushing the token’s market value to just over USD77 billion, up from around USD16 billion at the start of the year. Buying interest has been broad based and spread over a wide variety of exchanges, using multiple currencies. BTC is within $100 of the $4800 target set by a Goldman Sachs analyst just two weeks ago. Chartist Sheba Jafari set a target price of $4827 in mid-April, although she warned that the market would then enter a ‘corrective phase’ sending the price 38.2% lower (around $3000)
Bitcoin Cash (BCH) has also been in demand, trading 6.5% higher around USD600, nudging its capitalization to USD9.93 billion.
Chart: Bitcoin (BTC) Price Daily Timeframe (May – August 31, 2017)
Chart by IG
Ethereum Continues to Rally
The second largestdigital currency continued its recent march back towards the June 12 high of USD420, with buying again led by Korean and Chinese interest.
DailyFX analyst Michael Boutros’ target of USD385 set this week has already been hit.
Chart: Ethereum Price Daily Timeframe (June – August 31, 2017)
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Indeed the crypto-currency market as a whole is enjoying a strong performance with trading screens covered in green as buyers push prices higher across the board.
Market Moves/Top 8 Capitalizations – August 31, 2017
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.