As for today’s cryptocurrency market analysis, the rather unexpected Bitcoin price uptrend continues. World’s first cryptocurrency beats new records and already exceeded $ 5700 at some point.Let’s look at the details of current Bitcoin price uptrend. Also, we’ll glance at other cryptocurrency prices as well. At the moment of publication, the price of Bitcoin was $ 5636.22. The price dropped by -2.76% in last hour. However, the statistics for last 24 hours and the day before are outstanding. There was tremendous price growth of 15.47% for last day. And, the week’s Bitcoin price uptrend constitutes impressive 29.23%. As we can see from the chart, there is stable growth through an entire month.
Bitcoin dominance is 55.63%. Market capitalization is $93,387,067,879. Trading volume for last 24 hours made $3,859,270,000. Current circulating supply is 16,619,962 BTC.
Reason for current Bitcoin Price Uptrend
So perhaps it’s time to listen to the words of the billionaire founder of the cryptocurrency hedge fund Michael Novogratz. According to him, Bitcoin may reach 10 thousand dollars in six months. At the moment, Novogratz is building a $ 500 million hedge fund. It will invest in cryptocurrencies and blockchain. In our opinion, the reason for current Bitcoin price uptrend is two hard forks – Bitcoin Gold and SegWit2x. Both assume the emergence of new coins for users. And, that factor possibly generated the high trading volumes in recent days. In addition, lately, the media have reported that China can return to the big cryptomarket. The state news agency Xinhua reported that information. The trade in Bitcoins may continue with the introduction of appropriate regulations.
Ethereum — Up by 3.64%
Though not as big compared to Bitcoin price uptrend, Ethereum is going well. According, to Cryptocurrency News, price shift for last 24 hours was 3.64%. However, there was the sharp rise of 2.97% for last hour, at the moment of publication. Current market capitalization is $30,330,164,408. The trading volume for last 24 hours was $795,262,000. Circulating supply is 95,081,568 ETH. There was positive statistics for last week of 7.11%.
3 Days before the Ethereum Byzantium
Not disregarding current Bitcoin price uptrend, let’s not forget about the upcoming major event. It remains less than a week before mentioned important update. Byzantium is one of two parts of the Metropolis scale update. It will be activated on the block 4.370.000.That is approximately 3 days at the current block release rate. A common (though still controversial) strategy for upgrading blockchain requires the participation of all key players from the Ethereum ecosystem. Byzantium was included in the Ethereum roadmap in 2015. That means no surprises to expect. By its very nature, Byzantium is a conservative update. As a result, nine key protocols for improving Ethereum (EIP) will be integrated into the cryptocurrency blockchain. These changes are designed to improve the speed of transaction processing, security of smart contracts, and, possibly, anonymity. (More on Our Blog)
The most significant of these updates is the reduction in mining complexity. This means that transactions will be processed faster. Also, the miners will receive smaller rewards. The reward for the miners will decrease from 5 ETH to 3 ETH. That is, about $ 611 at the current exchange rate. Miners use software that they must update to go to Byzantium.