Crypto Today: Ether at record highs above $450, bitcoin steady around $8000

Ether up more than $100 on the week.
Bitcoin remains quiet above $8000.
Total market cap continues to edge higher.

Eren Sengezer FXStreet

Ether, the ethereum blockchain's digital currency, gathered strength on Friday with the ETH/USD pair touching an all-time high at $460. Recent comments from a respected investor seem to be the primary catalyst behind today's upsurge. Michael Edward "Mike" Novogratz, former hedge fund manager of the investment firm Fortress Investment Group, forecasted ether to rise to $500 by the end of the year. Earlier this week, Novogratz said that bitcoin could rise to $10000 in 2017.

On the other hand, bitcoin continues to have a difficult time finding its next short-term direction. Following its record-setting rally earlier this week, the BTC/USD pair lost its momentum and has been moving sideways above the $8000 mark. At the moment, the pair is at $8150, up 2% on the day. Meanwhile, yesterday's biggest mover, bitcoin cash, is moving in a tight range on Friday, consolidating Thursday's gains, which at one point was more than 20% on a daily basis. The BCH/USD is now at $1655, up $12 on the day.

The total market capitalization of all digital currencies increased to $260 billion on Friday. Although bitcoin remains as the most dominant cryptocurrency, its volume eased to 52% from 60% earlier this week. Ether's volume is at 16.2% while bitcoin cash is at 10.2%.

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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