It has been a historic week for the cryptocurrency markets. Led by the bitcoin price’s march to $10,000, a litany of coins and tokens have posted record highs, and — despite concerns that the charts are heating up too fast — the rally has yet to show any signs that it is slowing down.
Bitcoin entered mid-week trading with a vengeance, and the cryptocurrency market cap made an astounding 24-hour increase of $26.2 billion. At present, the total crypto market cap amounts to $334.3 billion; needless to say, this is a new all-time high.
The crypto market cap now needs to add just $17 billion to surpass the total valuation of bitcoin-bashing JPMorgan, whose CEO has taken to calling bitcoin a “fraud“.
Bitcoin Price Reaches $11,000 Global Average
As CCN reported, the bitcoin price completed its triumphant march to $10,000 on Tuesday, led by insatiable demand from Asian traders. The rally continued on Wednesday, and the global average bitcoin price blazed past $11,000 as Korean traders bid bitcoin up to domestic prices of nearly $12,000. At the time of writing, bitcoin was trading at a global average of $11,096, which represents a 24-hour gain of 11 percent and translates into a $185.4 billion market cap.