The cryptocurrency markets rang in the new year on a high note, with the majority of coins and tokens in the top 100 posting moderate gains against the US dollar. The bitcoin price, though still far from its all-time high, rose above $13,550. Ethereum, meanwhile, took the first step toward reclaiming the second spot in the rankings from ripple, which was one of the few cryptocurrencies to post a single-day decline.
Against this backdrop, the cryptocurrency market cap once again floated above the $600 billion mark and currently sits at $602 billion. This $18 billion advance translates into a single-day increase of about three percent.
Bitcoin Price Tests $14,000 on Global Markets
The bitcoin price set the tone for the day, rising a modest two percent on the global markets even as traders continue to ponder how South Korea’s new bitcoin exchange regulations will affect the flagship cryptocurrency’s local and international valuations.
On Bitfinex, bitcoin is currently trading at $13,187, while — buttressed by South Korea — its global average its $13,570. This translates into a $227.7 billion market cap, which is roughly 13 times the size of the entire cryptocurrency ecosystem on January 1 of last year.