Crypto Today: Etherum consolidates near record highs, bitcoin cash up more than 15%
The ETH/USD pair gained traction on Thursday and rose above the $400 threshold to refresh its all-time high at $418. As of writing, the pair was trading at $411, up 8% on the day. Bitcoin cash, meanwhile, because the biggest mover of the with the BCH/USD pair piercing through its 10-day old trading range and renewing its highest level since the spike seen on November 12 at $1615.The BCH/USD pair was last seen trading at $1500, adding 16% on the day. On the other hand, the subdued trading action of bitcoin continues with the BTC/USD moving sideways in its relatively tight $400 pip range since the start of the week. At the moment, the BTC/USD is flat on the day around $8200.
The sharp upsurge witnessed both in etherum and bitcoin cash allowed them to take up a bigger percentage of the total market capitalization of all digital currencies, which rose above the $250 billion mark for the first time. According to the latest available data on coinmarketcap.com, bitcoin cash's and etherum's market cap increased by 17.6% and 12.6% respectively. Despite a 0.3% decrease in its market cap, bitcoin remained as the most dominant digital currency with $136 billion.
On Thursday, a spike in South Korean trading volume amid reports of regulators not looking to supervise bitcoin trading seems to be the primary catalyst behind bitcoin cash's strong advance. "Though we are monitoring the practice of cryptocurrency trading, we don't have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency," Financial Supervisory Service (FSS) Governor Choe Heung- sik told Korea Times.