Crypto Today: Bitcoin cash adds 20%, total market cap surpasses $250 billion
The total market capitalization of all digital currencies exceeded $250 billion on Thursday as the robust gains seen in bitcoin cash and etherum attracted more investors. In the last 24 hours, the trading volume of bitcoin cash in Bithumb, one of the biggest cryptocurrency exchange systems, increased by 65% to $1.6 billion on the back of reports of the Financial Supervisory Service (FSS), South Korea's integrated financial regulator, not seeing it necessary to supervise exchanges. As of writing, the BCH/USD pair was trading at $1565, up $270, or 20.6%, on the day.
Despite the relatively quiet price action, however, bitcoin remains the most popular digital currency with a 53% dominance of the total market cap. Since touching its record high at $8380 on Tuesday, the BTC/USD pair is having a difficult time determining its next short-term direction and was last seen moving sideways near the $8200 mark, where it was virtually unchanged on the day. On the other hand, the ETH/USD pair is up 10% at $420.
Speaking at a conference in Basel on Thursday, SNB Chairman Thomas Jordan said central banks were working on the issue of cryptocurrencies very intensively. ”I would look at them more as an investment than a currency. It is important to say it is not a question of technology, but a question of who has access to central bank money and in what form. There are up to now many unsolved questions,” Jordan further argued.