Crypto Today: Bitcoin consolidates below $ 9900, $ 10k still on sight
- Bitcoin, Ethereum refreshes record highs.
- Overall market capitalization remains above $300 billion.
Bitcoin (BTC/USD), the most dominant cryptocurrency, prolongs its upward trajectory into a fifth day today and refreshed all-time highs at $ 9891.80 last hour, before entering a phase of consolidation, as the bulls gather pace for a test of the five big figures, the $ 10000 mark.
As reported by Coindesk, The price of bitcoin is trading above $10,000 at several South Korea-based bitcoin exchanges. On Bithumb – the region's largest exchange by trade volume – bitcoin is trading at roughly $10,052.
The prices are up almost +1.50% so far this Tuesday, with retail participation surging aggressively on expectations that the cryptocurrency could jump to $ 40000 by 2018-end. Novogratz, formerly a macro hedge fund manager at Fortress Investment Group, noted: Bitcoin could be at $40,000 at the end of 2018. It easily could. Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."
The total market capitalization of all digital coins on CoinMarketCap hit $309.70 billion on Tuesday. Novogratz said he expects that could increase by about six times to $2 trillion at the end of next year.
Ethereum (ETH/USD), Bitcoin’s rival, trades little changed near $ 470 levels, having faced rejection just shy of the $ 500 threshold. Bitcoin sits at a market capitalization of $ 166 billion, up 2.72% in the last 24 hours, while Ethereum market capitalization is of $ 46.14 billion, down -1.70%, as reported by Coinmarketcap.
Meanwhile, with regard to the latest headlines on digital currencies, South Korea’s prime minister expressed his concerns over the impact of the digital currencies on the teenagers.
Prime Minister Lee Nak-yon said students were jumping into the “raging” market to make a quick buck, leading some to get embroiled in fraudulent crime.
“If we let things continue, I feel some serious pathological phenomenon could occur,” Lee added.