August has been an exciting month for the cryptocurrency markets. After successfully weathering the Bitcoin Cash hard fork, the bitcoin price has soared to a record-setting $3,375. The Ethereum price is also moving in the right direction following a sluggish July. These two factors have combined to lift the total crypto market cap to a new record.
As July ended and the UAHF approached, the total value of all cryptocurrencies sat below $90 billion. Since then, the crypto market cap has exploded to a new record. At present, the total crypto market cap is $117.8 billion.
Remarkably, both bitcoin and ethereum boast market caps larger than the entire crypto market cap was earlier this year.
Bitcoin Price Soars to Record Highs
Since the beginning of August, the bitcoin price has defied market uncertainty to climb by more than 20%. Over the weekend, the bitcoin price pierced the $3,200 mark to set a new record. It continued this advance on Monday, rising to a new high of $3,375. Could we soon see the fulfillment of Ma# headerx Keiser’s prediction that $5,000 is “in sight?”
Bitcoin now has a market cap of $55.7 billion, which is larger than the total crypto market cap was at the beginning of May.
Ethereum Price Tops $270
Bitcoin’s gain has not come at the expense of ethereum. The ethereum price has also experienced a rapid climb during the early days of August, increasing 36% in the past week alone. On July 31, the ethereum price sat below $200. Today, on August 7, it has grown to $271.
Ethereum now has a market cap of $25.4 billion, which is larger than the entire crypto market cap was in late March.
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