Ethereum, Bitcoin Prices Climb Higher Despite Mixed Altcoin Markets On ThursdaySeptember 28, 2017 5:12 pm
Ethereum and bitcoin prices continued to climb Thursday, even as a slight dip in the altcoin markets pulled many coins into decline, Cryptocoinsnews.com reported.
The bitcoin price rose toward the $4,200 mark – even passing it temporarily – while the ethereum price closed in on the $300 threshold.
All told, the report said, the total crypto market cap added about $3 billion for the day, bringing it a few steps closer to the all-time high it set earlier this month.
The total cryptocurrency market cap entered Wednesday afternoon just above the $140 billion mark as it steadily climbed throughout the remainder of the day and into Thursday morning, eventually peaking at $147.3 billion at 9:00 UTC, the report said.
The surge was the highest the market has extended since Sept. 12, the report said.
Shortly after that peak, the market began a sharp decline, shedding more than $3 billion before settling down to a present value of $143.6 billion, Cryptocoinnews.com reported.
The market’s long-term prospects should get a boost following Overstock’s announcement of an initial coin offering (ICO) exchange that will comply with SEC and FINRA regulations concerning securities trading, the report said.
The exchange is being developed as a joint venture between tZero (an Overstock subsidiary), Argon Group, and RenGen LLC and will make the ICO marketplace more inviting for institutional investors who are concerned about the regulatory climate surrounding crypto finance, the report said.
Bitcoin price has surged this week despite global market volatility.
On Thursday, the bitcoin price rose as high as $4,279, although it has since tapered to $4,178. Nevertheless, this represents a daily increase of 3% and brings bitcoin’s market cap to $69.3 billion, the report said.
Many analysts predict bitcoin prices will be able to challenge the cryptocurrency’s all-time high of $5,000 in the near future should it hold above the $4,000 mark for the next few days.
The ethereum price posted another minor increase on Thursday, enabling it to climb to $300 for the first time in more than two weeks, the report said. After beginning the day at $294, ethereum stretched as high as $308 before settling at a present mark just a few cents below $300. Ethereum now has a market cap of $28.4 billion, representing a 24-hour increase of 2 percent.