Bitcoin’s price rose by nearly $200 today, up from around $3,250 to reach a new all-time high of $3,440 after rising by some $600 yesterday from $2,800 to $3,300.
Trading volumes during the past 24 hours remain at $1.2 billion, while the market cap has risen to $56 billion, and all-time high.
Much of the activity today is coming from the NEO/BTC pair at Bittrex, a new exchange that has been rising following their friendly treatment of Bitcoin Cash.
The NEO/BTC pair has seemingly replaced South Korea’s Bithumb for first position. The latter handled some half a billion in bitcoin trading volume yesterday, but today is much lower, below $100 million.
It may be the case therefore NEO, which has risen some 20% today, is somehow pushing bitcoin’s price up, through arbitrage or other means.
Not least because the combined market cap of both Bitcoin and Bitcoin Cash has now reached a new high of above $3,700, up $200 from their previous high of $3,511.
New value, therefore, is coming into the system, with most digital currencies up today, including ethereum which rose again from $250 to $270.
Ethereum’s trading volumes however have fallen, down to $1.1 billion from yesterday’s $1.5 billion, as the currency now faces competition on many fronts, including bitcoin cash which has seen most of the gains today, up some 30%.
South Korea continues to be eth’s biggest market, with trading volumes of nearly $300 million just on Bithumb. While China has also risen, handling more than $100 million in trading volumes just on OKCoin.
That suggests there is considerable interest in eth, which has seen its market cap rise to $25 billion, but it still has some way to go towards reaching its all time high of $420.
Whether they’ll be able to do so in this bull run remains to be seen, but the currency appears to have now gone through their red July bear market, with bullishness seemingly returning all around the digital currencies space.