After a daunting weekend in which the value of cryptocurrencies cratered to levels not seen in months, 48 of the top 50 tokens are posting press-time gains. 

In total, the value of all publicly traded crypto assets edged over $70bn today, up nearly $10bn from a low of $61bn observed yesterday. At publication, all of the top 10 cryptocurrencies were in the green, with IOTA, ether and stratis posting the biggest gains.

Overall, the price movements are the latest that add context to the still-unanswered question of whether the cryptocurrency asset class is in the midst of a "correction" after setting a new all-time high of $115bn in June. Even with the reversal, the market is still down just 40% from figures observed at that time, according to data from Coinmarketcap.

Yet, after winning mainstream press coverage and magazine covers, it appears that mainstream interest in new cryptographic assets may be waning.

Data from Google Trends shows search terms for "ethereum," "bitcoin" and "ICO" were also down from highs observed in mid-June, indicating a possible fatigue in the market among more casual buyers.

As such, it remains unclear whether today's upwards movements will be enough to jumpstart a significant rally, or how stable prices will remain given potential challenges ahead for bitcoin and ether, historically the industry's two most visible assets.

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Source : http://www.coindesk.com/crypto-assets-bounce-back-70-billion-amid-day-gains/

Bitcoin's price rose above $1,800 this morning, setting a new all-time high, according to data from the CoinDesk Bitcoin Price Index (BPI).

Average prices reached as high as $1,839.23, BPI data shows, after beginning the session at $1,732.13. Prices are currently at an average of around $1,824 and up nearly 4% for the session so far.

Notably, the move past $1,800 comes just over a day after the BPI rose above $1,700 for the first time ever.

Other cryptocurrencies, too, have seen major gains in recent days. Some market watchers believe that a recent influx of new capital into the market is driving the price growth, and that activity in over-the-counter trades is increasing as well.

Source : http://www.coindesk.com/bitcoin-price-passes-1800-hit-new-record-high/?utm_content=buffer8be7e&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer 

Global Advisors, a U.K.-based investment firm that has developed an investment program to provide market exposure to the price of bitcoin, recently offered an upbeat outlook on bitcoin. The assessment noted that Litecoin’s recent soft fork gives reason to think the scaling solution could be applied to bitcoin, possibly doubling its price. 

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Taking measure of the range of news around bitcoin of late, the Global Advisors’ assessment quoted the late Jesse Livermore in saying “a prudent speculator never argues with the tape.” Livermore, an American who lived from 1877 to 1940, shorted the stock market crashes of both 1907 and 1929 and was worth $100 million at his peak before committing suicide following a series of losses.

While much negative news has been reported on bitcoin, the prices have been strong.

Media Focuses On The Negative

On the negative side, which the media tends to focus on, China has clamped down on bitcoin trading by imposing trading fees and AML/KYC controls. There has also been a ban on withdrawals from cryptocurrency exchanges. There has been a roll-over on the temporary ban and a discount of up to $250 for trapped coins.

Looking further back, the IRS last year subpoenaed Coinbase to release client records for bitcoin trades. 

More recently, the dispute between different factions within the bitcoin community over the future development of the bitcoin protocol continues.

The SEC denied the Winklevoss bitcoin exchange-traded fund.

Bitfinex, which suffered a hack last year, continues to lack fiat withdrawal capability.

Why The Price Keeps Rising

Bitcoin’s price, nonetheless, has been on an upward trend throughout all the various challenges.

Global Advisors’ assessment points to Japan, the new hot spot of bitcoin bitcoin trading. The BitFlyer exchange has been successful with Japanese investors, likely due to its advertising campaign. BitFlyer’s sign ups set a new record on Facebook.

Litecoin also creates reason for hope. Segregated Witness, a protocol designed to shorten bitcoin transactions and improve the capacity of the transaction blocks, has been successfully implemented by Litecoin. Litecoin’s price, as a result, has tripled.

Litecoin’s SegWit success holds promise for bitcoin. The price impact on bitcoin could be “shocking,” and a price doubling wouldn’t be unexpected.

The hedge fund stated:

Even though one can find no evidence whatsoever that there were scaling pressures in Litecoin, this upgrade went ahead and if it is even slightly predictive of a path that can be taken in bitcoin, one that will at least show progress if not resolution, the price impact could be significant. A double up wouldn’t be shocking.

Altcoins overall will serve as “test beds” for bitcoin. New features developed for altcoins can be incorporated into bitcoin. ZCash, Ethereum and other altcoins offer desirable features.

Altcoins Gain Market Share

Ethereum’s and Litecoin’s rises have changed the “bitcoin dominance” metric, the assessment noted. Bitcoin dominance is based on the cryptocurrency’s market capitalization as a percent of all coin market capitalization. This dominance has been dropping as the total value of all coins has increased.

Bitcoin comprised 95% of the total crypto market capitalization three years. It now stands at 60%. Global Advisors termed this a “stunning progression.”

But as noted above, growing altcoins bring positive influences for bitcoin.

Arbitrage opportunities: What do they mean?

Global Advisors noted that it receives a lot of requests for an “arbitrage-only” product, which is not the best use of a company’s time that remains upbeat on bitcoin’s price and on scaling its product offerings.

Arbitrages are a consequence of fragmented bitcoin trading venues and limited capital in each trading venue. Hence, a big unidirectional flow can alter a given price deck, yielding an arbitrage opportunity.

Exchanges have three areas leading to wider arbitrage opportunities: credit/reputation risk, difficulties moving coins and problems moving cash. Chinese domestic coins are currently frozen, for example, while Bitfinex and other exchanges have banking issues.

Combined, these factors present arbitrage opportunities, some of which are untradeable, others requiring patience and still others requiring speculation.

Rather than focus on arbitrage opportunities, Global Advisors believes bitcoin’s best days are still ahead.

Source : https://www.cryptocoinsnews.com/bitcoin-investment-advisors-bitcoins-price-could-double/ 

The total market capitalization of all cryptocurrencies reached an all-time high today, passing $60bn as the innovative assets continued to draw robust inflows.

This figure reached $63.6bn at one point during the day's trading, according to online data service CoinMarketCap, which represented a weekly, monthly and quarterly increase of roughly 18%, 115% and 220%, respectively.

While analysts cited different variables as fueling these gains, one factor they noted was growing awareness of cryptocurrencies, one that is finding them emerge as a more diverse set of investments than observed previously.

Tim Enneking, chairman of cryptocurrency hedge fund Crypto Asset Management, spoke to this development, stating:

"Cryptocurrencies are finally hitting the general consciousness whereas before they were marginal, with the possible exception of bitcoin."

As the assets draw "increased media coverage," Ryan Rabaglia, head trader for Octagon Strategy, told CoinDesk new investors are coming to the space. The growing interest in the space is also being felt at his over-the-counter (OTC) trading desk, which has been seeing a rise in business activity.

"Our onboarding rates have experienced a massive spike and our trading volumes, at mid-month, have already increased exponentially compared on a month-to-month basis. We do not see this quieting any time soon," he said.

When asked whether his company has experienced an increase in this activity amid the recent rally in cryptocurrency prices, Harry Yeh, managing partner of Binary Financial, told CoinDesk:

"There's definitely a larger demand, not just for bitcoin, but [for] everything across the board."

Where next?

As for where cryptocurrency prices (and therefore total market cap) will go next, analysts offered mixed views. While the total value (and number) of assets in this space has surged in recent months, it is difficult to tell how much further they can climb without developing compelling value propositions.

Yeh offered an optimistic point of view, telling CoinDesk that "we are just getting started".

"People still don't really understand that there is a lot more room for this to move because it's a global phenomenon now. Expect more moves up but also some pullbacks like in the last week," he said.

Jacob Eliosoff, a cryptocurrency fund manager, offered a more cautious stance, telling CoinDesk that the market was "reaching the frenzy point". He expressed doubt as to how much longer these values would hold, noting that while nobody knows for sure when a bubble will pop, there are always warning signs.

Eliosoff stated that in this case, a "crackdown" on initial coin offerings (ICOs), the process by which developers create new cryptocurrencies to fund projects, would likely spur a downturn.

He also asserted that should bitcoin prices see a downturn, the cryptocurrency space could see diminished confidence.

Source : http://www.coindesk.com/cryptocurrency-market-cap-tops-60-billion-hit-time-high/ 

  • The bitcoin price could rise to about $4,000 within 8 to 14 months, investors say.
  • The recent price rise has been driven by positive developments around the underlying technology with a rival cryptocurrency called litecoin.
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