As those in the U.S. prepare to leave for a long Labor Day weekend, cryptocurrency markets are wrapping up a very bullish week. The total market cap of all cryptocurrencies currently sits at $176 billion, as measured by CoinCap.io, and trading volumes are strong and steady. Breaking things out by currency, the granddaddy of crypto, bitcoin, rocketed up $500 this week as traders eyed the first successful SegWit transactions. A lull in news surrounding the potential SegWit2X hardfork kept bears to a minimum and allowed prices to rise relatively unhindered. At the moment bitcoin prices are just crossing the $4,800 mark on most exchanges but have even reached as high as $4,928 on CEX.io. Everything appears to be gearing up for a test of the $5,000 mark as early as this weekend.
In the ether markets, prices have also risen strongly from around $330 to just shy of $400. Momentum is up, and could possibly result in ether prices testing all-time-highs that were set earlier this summer. A continuous stream of new ICO projects has helped fuel the recent rally and, despite warnings from the U.S. SEC, seems likely to continue unabated in the near term.
As I wrote in the last post, the OmiseGo airdrop will be beginning on Monday and will continue for about a week, or until all of the tokens have been distributed. Prices of OMG have risen in anticipation. As of this writing OMG is trading at $12.24 and now stands as the 12th largest cryptotoken by market capitalization.
Litecoin has tagged along with the broader rally adding about 40% this week and reaching new all-time-highs in the upper $70's. While Bitcoin's little brother has never received nearly as much attention a $4 billion market cap is nothing to sneeze at. News of ongoing testing and development of a Lightning Network implementation has likely encouraged traders to take positions in the currency on hopes of seeing another rally like the one that occurred when the network activated SegWit.
Nice work. Thank you
I like how you create your own narrative and are not just being driven by an article you read somewhere (which is something i see all to often in the crypto blog space). In any case upvoted 100% for whatever that is worth (low SP).
If interested in genuine cryptostories of others be sure to check out my blog as i am sure you would find it interesting and possibly worthy of a follow.
In any case will check out your next story soon.
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