Crypto Today: Bitcoin extends gains above $11K, ether turns positive near $460
Following Friday's $1000 rally, the BTC/USD pair stayed relatively quiet on Saturday and pushed higher on Sunday to a new all-time high at $11840. Venezuelan President Nicolas Maduro on Sunday announced that the country is looking to create its own cryptocurrency called 'petro,' which will be backed by oil, gas, gold and diamond reserves. However, the pair slumped towards the $10K mark in the early Asian session on Monday as markets reacted to The Telegraph's report. The British newspaper claimed that the UK Government was planning to tighten the regulations over bitcoin and other digital currencies amid concerns over their usage in money laundering and tax evasion.
However, the negative impact of this report on the crypto market was offset by the Chicago Board of Options Exchange's (CBOE) announcement of its plan to launch bitcoin futures contracts as early as next Monday. The pair easily retraced its losses and broke above the $11K during the day and was last seen trading at $11500, up 3% on the day. Moreover,
- CME and CBOE set to launch bitcoin futures in two weeks - BBH
In the meantime, ether, the second most-traded cryptocurrency, gained strength in the NA session, lifting the ETH/USD pair back into the positive territory above the $450 mark. As of writing, the pair was trading at $462, adding 0.6% on the day.
The total market capitalization of all digital currencies reached a record peak at $350 billion on Sunday evening and steadied around this level in the last 24 hours. According to the latest available data on coinmarketcap.com, the total market cap was $340 billion. Bitcoin remains as the most traded cryptocurrency with 56% of the volume while ether comes second with 13%.