Crypto Today: Etherum refreshes multi-month tops above $370
Despite a relatively subdued trading action surrounding cryptocurrencies and a lack of fresh fundamental drivers on Wednesday, the ETH/USD pair pushed higher in the late NA session and rose above the $370 mark for the first time since late August. As of writing, the pair was trading at $369.30, adding 2.65% on the day. In the meantime, the BTC/USD pair seems to have gone into consolidation a little below its all-time high above the $8000 mark. The biggest mover among digital currencies is bitcoin cash on Wednesday. On the back of Bitstamp's announcement of including bitcoin cash in its trading system, the BCH/USD pair surged to $1350. At the moment, the pair is moving in a tight range above the $1300 mark, gaining a little more than 12% on the day.
The total market capitalization of all cryptocurrencies sits at $245.6 billion on Wednesday, with bitcoin leading the way with 55% of the total volume. Etherum and bitcoin cash follow with 14% and 9% respectively.
Following Mike Novogratz's, former Fortress Investment Group manager and a respected hedge fund manager, statement on Monday that bitcoin would reach $10000 by the end of the year, Fundstrat Global Advisors's top researcher Thomas Lee updated its bitcoin forecast to $11,500 by the middle of 2018, according to a recent Bloomberg article.