Crypto Today: Bitcoin takes a breather ahead of $10000
- Bitcoin and ether surge to new record peaks.
- Institutional investors are getting ready to come into the market.
- Total market cap increases 20% over the weekend.
After moving sideways in a tight range above the $8000 handle for the majority of the previous week, the BTC/USD pair gained traction over the weekend and added nearly $600 before extending its upside further to a fresh record-high at $9760 on Monday. Following its sharp upsurge, the pair retraced some of its earnings amid profit taking and went into a consolidation phase. As of writing, the pair was trading at $9630, up 3.35%.
In the meantime, ether, the second largest cryptocurrency, gathered strength against the buck as well, lifting the ETH/USD pair to a new all-time high at $492. On the other hand, bitcoin's rise seemed to hurt the demand for its substitute rival bitcoin cash. The BCH/USD pair is down a little more than $100, or 6%, on Monday.
Reporting on digital currencies recent price action, "Analysts said the decision by the Chicago Mercantile Exchange (CME) to launch bitcoin futures in December had fuelled buying, but also warned of the dangers of a speculative bubble building. The digital currency has gained more than 50% since the CME announced its decision on 31 October," The Guardian wrote in a recent article.
The total market capitalization of all digital currencies rose above the $300 billion threshold on Monday, surpassing giant corporations such as IBM and Disney. Occupying 54% of total volume, bitcoin remains as the most dominant cryptocurrency ahead of ether (15.4%).