Crypto Today: Bitcoin in touching distance of $10K, ether and bitcoin cash drop

Bitcoin continues to push higher above $9000.
Demand for ether and bitcoin cash drops on Tuesday.
Market cap reaches all-time high at $312 billion.

Eren Sengezer FXStreet

The BTC/USD pair edged higher for the fifth straight day on Tuesday and renewed its record high at $9977 in the US afternoon. As of writing, the pair was trading at $9876, adding 1.5% on the day. On the other hand, rival digital currencies ether and bitcoin cash weakened against the USD on the day as investors remained focused on bitcoin. At the moment, the ETH/USD pair was trading at $469, down 1%, while the BCH/USD pair was losing 4.4% at $1515.

In an article written for coindesk.com, FXStreet analyst Omkar Godbole explains, "rival cryptocurrency bitcoin cash has something of a parasitic relationship with bitcoin, in that it not only benefits from the surge in interest in cryptocurrencies due to BTC's astonishing price rally, but it also does see gains in bouts of correction to bitcoin prices."

On other news, BitFlyer, a Tokyo based currency exchange system, announced today that it received the needed license, BitLicense, to operate in New York as well as forty other states in the United States. "BitFlyer is proud to have been granted a BitLicense to do business in the state of New York. This is a nod of approval from one of the most influential state financial services regulators in the nation," the company's CEO Yuzo Kano said in a statement.

The total market capitalization of all digital currencies reached its highest level at $312 billion on Tuesday. Bitcoin remained the most dominant currency with at 53.45% volume according to the latest available data on coinmarketcap.com.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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