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Bitcoin and Ethereum Price Surges, Crypto Market Cap Touches $150 Billion

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Market Capitalisation of Cryptocurrency Merket Reaches $150 Billion Following Bitcoin and Ethereum Price Rise

The latest cryptocurrency news is that the Cryptocurrency Market has been experiencing a steep push in market capitalisation following the hike in Ethereum and Bitcoin prices this week. The total market capitalisation has crossed the USD 150 billion mark after starting out with just USD 17.89 billion in the year’s beginning.

As per Sergey Nazarov, the CEO and founder of SmartContract.com the market capitalisation of US $150 billion is highly conservative considering the back-end infrastructure which the Blockchain based systems are toiling hard to either repair or replace within a time frame of coming five years. The crypto asset class crossed the $100 billion mark in early June. Thus a 50% growth in just over two months is really worth mentioning.

Bitcoin price has increased by 3.5% this week and coincides with the much hyped SegWit activation on the Bitcoin Blockchain network. The SegWit software update is all set to usher in faster transaction speed, greater network scalability and fix transaction malleability.

Ethereum, the biggest rival of Bitcoin Blockchainchain also showcased significant rise by 55% in the current month and have hit the highest ceiling since June. Ethereum price rose by 0.4% on Wednesday which is its highest point reached since June 23. Although it remains below the all-time intraday high of $400 crossed on June 12, its value surge has more than doubled since the latest intra-day low hit in mid-July.

Recently, the Ethereum network also registered record breaking 410,000 number of transaction in just 24 hour.

Bitcoin Cash, the latest cryptocurrency crossed $664.95 mark on Tuesday following a price hike by 0.3%. Its present market cap has reached near $11 billion following an increase in BTC mining. It is been observed that the price hike of Bitcoin Cash is due to increase in the speed of transactions.

Also Read: Chinese Cryptocurrency Exchanges To Start Bitcoin Cash Trading

Bitcoin trading has been associated with significant volatility off late. The bitcoin price fluctuations come in the backdrop of industry experts racking their brain over scaling issues which promised to hike up transaction block size. Bitcoin enthusiasts who wish to adhere to traditional means have vouched their open support for SegWit or Segregated Witness which has the capacity of solving Bitcoin’s scaling issues.

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