Crypto Market Adds $8 Billion as Bitcoin's Price Surpasses $7,300

  • The cryptocurrency ecosystem has recently added $8 billion, as the price of most top cryptocurrencies is on the rise.
  • Bitcoin recently surpassed $7,300, while Ethereum is closing in on the $300 mark. 
  • Bitcoin Cash is notably up 17% after its stress test.

Most cryptocurrencies are in the green in the last 24-hour period with some rising nearly 20% in said period, for various reasons. These gains saw the cryptocurrency market rise from about $231.1 billion to $239.5 billion, helping it hit a three-week high.

Bitcoin, the flagship cryptocurrency, saw its price rise 3.5% in the last 24 hours to over $7,300, a price the cryptocurrency hadn’t seen since early August. At press time, BTC’s market cap is of $126.06 billion, meaning its dominance is of over 52%. In the past two weeks, its price increased 15%.

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While some analysts believe there’s a “serious chance” bitcoin could drop below the $3,000 mark in the near future, hedge fund manager Mark Yusko has recently slammed the cryptocurrency’s critics, as he claimed cryptos will be the “biggest asset” in the next decade.

As the cryptocurrency’s price surges, rapper Eminem recently mentioned it in his tenth studio album “Kamikaze” through a line in which Royce Da 5’9’, another well-known rapper, says: “remember everybody used to bite Nickel, now everybody doing bitcoin."

Ethereum, the second-largest cryptocurrency by market cap, is trading at $298.46 after rising about 4% in the last 24 hours. The cryptocurrency is approaching the $300 mark shortly after its developers agreed to support the Ethereum Improvement Proposal (EIP) 1234, which is primed to decrease block rewards from 3 ETH to 2 ETH and delay its ‘difficulty bomb.’

BTC.com, the world’s largest bitcoin mining pool, has also recently revealed its planning on launching an Ethereum mining operation, which is expected to reach 12% of the cryptocurrency’s global hashrate within 12 months.

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Bitcoin Cash, currently the third largest cryptocurrency by market cap, recorded notable gains in the last 24 hours. The cryptocurrency is currently trading at $650, after rising 17% in only a day BCH’s gains are partly coming from a recent stress test on its network.

The stress test, according to Fork.lol data, saw it process as many as 2 million transactions in one day, with an average fee of less than $0.01. The test, to the cryptocurrency’s supporters, is a sign it’s ready to handle mainstream adoption.

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Other cryptocurrencies recording notable gains include NEO, which is currently trading at $22 after rising 10% in the last 24-hour period, and Verge (XVG), which saw its price rise by 22% in said period. It’s trading at $0.019. Trading volumes in the market have also surged.