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Crypto Market Cap Hits Record High as Value Doubles in Three Weeks

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The combined value of all cryptocurrencies soared to record highs this week, with bitcoin pulling away from the pack amid growing institutional sponsorship and safe haven status.

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Crypto Market Surpasses $120 Billion

The cryptocurrency market was valued at roughly $124 billion on Tuesday, according to Coinmarketcap.com. That’s nearly double what the market was worth a little more than three weeks ago.

Cryptocurrencies are by far the best-performing asset class of 2017, having returned a staggering 600% year-to-date. Since 2010, bitcoin has been the world’s best-performing currency every year except one. This year, the title will likely go to one of its altcoin competitors.

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Bitcoin Leads the Pack

Bitcoin caught fire over the weekend, as prices broke above $3,000 for the first time since June. Only this time, the rally north of that critical threshold has been sustainable. The BTC/USD exchange reached a high of $3,423.10 on Tuesday, according to Bitstamp. The gains have pushed bitcoin’s market cap to nearly $56 billion, based on a universe of roughly 16.5 million tokens.

Bitcoin’s value has more than tripled for the year. At the time of writing, the cryptocurrency is around $400 away from triple the price of gold bullion. December gold futures were last seen trading at $1,270.00 a troy ounce on the Comex division of the New York Mercantile Exchange.

SegWit to Activate on Bitcoin

Bitcoin’s rally on Tuesday preceded the official activation of Segregated Witness (SegWit), which officially “locks in” on Aug. 9. The network will allow a two-week “grace period” to allow users and miners to upgrade their software. Industry sources say SegWit will become fully active on Aug. 21, the date miners can begin rejecting blocks that do not support the new protocol.

Crypto Market Cap Leader Board (Aug. 9, 2017)

  1. Bitcoin: $55.9B
  2. Ethereum: $29.5B
  3. Ripple: $7.4B
  4. Bitcoin Cash: $5.5B
  5. Litecoin: $2.5B
  6. NEM: $2.4B
  7. Dash: $1.5B
  8. Ethereum Classic: $1.5B
  9. IOTA: $1.5B
  10. NEO: $0.9B
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Cryptocurrencies

Trade Recommendation: Monero

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The market moves in a horizontal channel between 85.00 and 100.00 levels. Now the price is at the bottom and we have a buy opportunity. RSI confirms price reversal and MACD histogram supports upward movement. DMI allows opening long trades. Pending orders for buy should be placed above the local high at 89.50 level. Stop orders must be placed at 84.30 level. The main profit target is 100.00 level. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: XMRUSD
Buy: 89.50
Stop: 84.30
Profit Targets: 100.00

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: DigiByte

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This is a new attempt to catch a trend reversal and open long trades on good levels. We have double bullish divergence which confirms price reversal with further upward movement. RSI confirms price reversal in the oversold zone. MACD supports upward movement and DMI allows opening long trades. It’s a buy opportunity based on the confirmed trend reversal signal. Entry level is 0.00000170 with stop orders at 0.00000125 level. Profit targets are 0.00000300 and 0.00000450 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: DGBBTC
Buy: 0.00000170
Stop: 0.00000125
Profit Targets: 0.00000300 and 0.00000450

The trading signal is based on Poloniex chart.

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Bitcoin

We Have to Talk About Bitcoin Again

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It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

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Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

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Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for the Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. “We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.”

Featured image courtesy of Shutterstock. 

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