The crypto markets have exhibited mixed performance during the early portion of the week. The bitcoin price continued to hover near its all-time high on Tuesday, climbing just enough to crack the $5,700 barrier. The ethereum price, meanwhile, lost ground following the successful deployment of its much-anticipated Byzantium hard fork.
Altogether, the markets rose about $1.5 billion for the day, although the non-bitcoin market cap fell by about $1 billion. Yesterday, the total crypto market cap was $172.4 billion, This value declined throughout the day — along with the bitcoin price — briefly dipping as low as $169 billion. However, the markets saw a significant bump at 6:00 UTC on Tuesday, enabling them to climb to a present value of $174 billion.
Since surpassing the $5,000 mark last week to set a new all-time high, investors have been watching the charts with anticipation to see whether the bitcoin price would hold above this historic level or contract to a lower threshold. Thus far, bitcoin has managed to avoid a pullback. Despite dipping below $5,500 on several occasions, the bitcoin price has consistently recovered to the $5,600 mark. On Tuesday, the bitcoin price extended this recovery a bit further, climbing above $5,700. At present, the bitcoin price is trading at a global average of $5,733, which translates into a $95.3 billion market cap.
Several analysts predict bitcoin could rise into the $6,000 to $7,500 range by the end of the year, but its short-term trajectory will be heavily dependent on the outcome of the contentious SegWit2x hard fork.
Full story at http://bit.ly/2xOdcgl
Source: CryptoCoinsNews
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