$154 Billion: Bitcoin Price Rally Moves Cryptocurrency Markets to New All Time High

Cryptocurrency Market Technical Analysis

The combined value of all publicly traded cryptocurrencies has set a new record .. and All Time High (ATH) of more than $154 billion for the first time today.

Cryptocurrencies Market Capitalization All Time High (ATH)
Cryptocurrencies Market Capitalization All Time High (ATH)

At press time, the value of ether, bitcoin and more than 800 other blockchain-based assets had reached a high of around $154 billion, according to CoinMarketCap.

The bitcoin price rallied on Wednesday, leaping 9% to cross $4,200. The wider crypto markets followed bitcoin’s lead, with 93 of the top 100 cryptocurrencies marching into the green for the day.

Coinmarketcap Cryptocurrencies All Time High Market Cap (ATH)
Coinmarketcap Cryptocurrencies All Time High Market Cap (ATH)

Overall, the figure indicates that the cryptocurrency market continues to grow at a steady pace. At $154 billion, the market is up 13 percent over the last seven days, 67 percent over the last month and an astounding 1,240 percent year-over-year.

What might be most notable, however, is that the new high came during a trading session in which there were no individual all-time highs for major cryptocurrencies.

At $4,275 and $324, bitcoin and ether were edging up at press time, though still short of their highs above $4,500 and $400, respectively. Further, the new combined record came in spite of the fact there were no big gains in litecoin, monero or dash, some of the more popular alternative cryptocurrencies among traders.

Bitcoin (BTC) price had experienced an early-week correction, briefly dipping as low as $3,675 on August 22. Talk about town for this decline include a hashrate shift from bitcoin to bitcoin cash, as well as concerns surrounding the Segwit/Segwit2x debate. However, the bitcoin price had strong support on the Asian exchanges, which helped prevent it from staying below $4,000 for long. Today’s 9% climb brings the bitcoin price to a present value of $4,243 and a market cap of just over $70.1 billion.

The lone breakout, in fact, was Ripple’s XRP token – a cryptographic asset issued by a San Francisco startup seeking to build enterprise blockchain solutions. On the day’s trading, XRP was up more than 50% to $0.28, a movement that built on impressive gains yesterday as well.

Ripple price led the way, posting a crazy 50% increase following a flood of volume on the major Korean exchanges. This rapid advance raised Ripple price as high as $0.300 for the first time since June 25, although it has since stabilized at $0.277. Ripple now has a market cap of $10.6 billion, putting it within striking distance of reclaiming the 3rd spot from bitcoin cash.

Fifth-ranked IOTA rose 9% to $0.92, while Litecoin (LTC)  price increased 4% to $48. NEM price saw just a 2% gain, but it was enough to raise its market cap to $2.3 billion. The Dash price rose 7% to $300, and NEO climbed 9% to about $38. Other than Ripple, Ethereum Classic (ETC)  was the only top 10 cryptocurrency to rise more than 10%. ETC’s 14% gain helped it secure the 10th place spot from Monero, who rose 8% to a new all-time high of $98.

Stay tuned for more craziness in “As The CryptoCurrency World Turns”

Faith Sloan, Crypto Queen Wiki