The combined market cap of all digital currencies has risen to an all-time high of nearly $118 billion today, up around $2 billion from their previous high on June 11th.
Trading volumes, however, are lower today at $3.6 billion, down some half a billion since yesterday, with some cooling down in South Korea.
Many digital currencies have turned green as the entire space seemingly experiences a V recovery from the July apparent bottom of $60 billion to a near doubling of $117 billion.
Bitcoin has led the charge, making a new high today of $3,400, but Bitcoin Cash has led in percentage gains, up some 30% – more than any other digital currency in the top 50.
Their combined price has now risen to an all-time high of $3,750 for the first time since Bitcoin Cash was launched, suggesting new value is going to both currencies.
Neo stants out for most of the gains today after Bitcoin Cash. The NEO/BTC pair is also the highest for bitcoin by trading volume, replacing South Korean pairs.
As such, it may be the case NEO is pushing bitcoin’s price up, which in turn is pushing up other digital currencies. Potentially including ethereum too.
While Bitcoin Cash may be attracting new fiat investment with around 40% of its trading volumes in USD or other fiat pairs according to data from Cryptocompare.
That suggests big blockers, which may have left, are now returning or those that may have stopped buying bitcoin are now buying Bitcoin Cash. Although it could also be new bitcoiners.
However, South Korean exchanges are not showing for Bitcoin Cash on Coinmarketcap or Cryptocompare for some reason. The currency is currently trading above $500 on Bithumb with the price somewhat stable, potentially suggesting very high demand there.
And as we are seeing from the price action today in most digital currencies, there seems to be an overall demand all around with the market seemingly turning upwards after the very red bearish July.
As such, a new bull market might perhaps be returning as some digital currencies reach all-time highs with the great summer 2017 continuing.
