Ethereum, Bitcoin Prices Climb Higher Despite Mixed Altcoin Markets
The ethereum and bitcoin prices continued to climb on Thursday, even as a slight dip in the altcoin markets pulled many coins into decline. The bitcoin price rose toward the $4,200 mark–even passing it temporarily–while the ethereum price closed in on the $300 threshold. Altogether, 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. It steadily climbed throughout the remainder of the day and into Thursday morning, eventually peaking at $147.3 billion at 9:00 UTC. This was the highest the market has extended since September 12. However, the market began a sharp decline shortly after reaching this peak, shedding more than $3 billion before settling down to a present value of $143.6 billion.
One factor that should prove bullish for the market’s long-term prospects is Overstock’s announcement of an initial coin offering (ICO) exchange that will comply with SEC and FINRA regulations concerning securities trading. 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.
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