Cryptocurrency has reached a new all-time high, bolstered by Bitcoin’s growth to unprecedented levels.
The combined valuation of all cryptocurrency has reached $127 billion. This beats the previous record of $124 billion this week, which in turn topped the previous record of $116 billion set in early June and last seen later that month. July saw a sharp correction, with the total value of cryptocurrency falling to $60 billion in a panic sell. Since then prices have climbed once again, from Ethereum and a host of other coins to Bitcoin itself, more than doubling cryptocurrency at present.
Bitcoin and Bitcoin Cash are stronger than ever after the split
Following the chain split at the beginning of the month which separated the coin into Bitcoin and Bitcoin Cash, the value of both chains has remained resilient. A week prior to the split, Bitcoin Cash futures traded at about $550 per coin, settling down around $300 right before the split. Once the actual coin hit the markets, the price dropped to $214 before shooting up to an all-time high of $756, dropping to a low of $200 over the course of that week. Since then the price has been on a solid road to recovery, coming in at $330 at present, roughly what it was a day before the split.
Bitcoin, for its part, reached a bottom of $1,857 in mid-July as uncertainty grew regarding the upcoming split. The price recovered to about $2,700 during the split, shooting up past $3,000 later in the week as more markets added Bitcoin Cash trading pairs, allowing holders to trade them for Bitcoin. Since then, Bitcoin has been on a constant upwards trend, breaking its all-time high to reach $3,502 at present and a market cap of $57.8 billion, 45.8% of cryptocurrency as a whole.
Dash remains relatively quiet and stable
During this crypto surge, Dash has experienced fewer dramatic price swings than other coins. The price first approached $200 in early June, correcting before exceeding that number later in the month. Then, after some brief dips, a new all-time high of $222 was reached the first week of July, before falling to a recent low of $119 during the above-mentioned crypto-wide crash. A little over a week later the price climbed back up past $210, before dropping to the $170s and slowly climbing back up to around $200 again where the price remains today.