Bitcoin price is on a rising path with the cryptocurrency gaining over $300 in a matter of 48 hours. As of this writing Bitcoin is trading at $3,360 levels and according to analysts it will most likely hit $3,400 levels in a matter of few days if not hours.
This surge in Bitcoin price is an indication of the bullish trend in the market and hints at the increased confidence in the first cryptocurrency of the world. Bitcoin price breached the $3200 levels yesterday and today it not only managed to surpass $3300 levels but is also en route to breach the $3400 levels.
Corresponding to the surge in Bitcoin price, there hasn’t been a surge in Bitcoin trading volumes, but they have remained at a steady $1.2 billion with the market cap rising to a whopping $55 billion, which is also an all-time high for the cryptocurrency.
One surprising thing that has been observed is the NEO/BTC pair activity at Bittrex. The cryptocurrency pair has been the most active one. Bittrex is a new exchange that has been rising following their friendly treatment of Bitcoin Cash.
From the looks of it, the NEO/BTC on Bittrex has garnered a lot of traction over the last couple of days and it has even replaced South Korea’s Bithumb for first position. The increase in NEO price is seen to be a direct reason behind increase in Bitcoin price.
Bitcoin Cash price has also increased substantially after a few days of decline and at the time of this writing the new cryptocurrency was trading at $270 levels. The surge in Bitcoin and Bitcoin Price has helped the combined value of the two cryptocurrencies reach a new high of $3,700 levels.
Ethereum price has also been steadily increasing of the last couple of days with a bullish trend seen in this cryptocurrency as well. Trading volumes for Ethereum have however fallen, down to $1.1 billion from yesterday’s $1.5 billion. Ethereum isn’t immune to competition and its main competitors are Bitcoin Cash, NEO, LTC and DASH.
At the time of this writing Ethereum was hovering at $270 mark. Ethereum’s biggest market is South Korea where trading volumes are at $300 million just on Bithumb. Trading volumes in China have also risen, handling more than $100 million in trading volumes just on OKCoin.