Market Cap Rises to $170 Billion, Everything Turns Green, All Digital Currencies Are Up

All digital currencies in the top 50 are up today. Some 5%, some 10%, some 20% or more. Even Bitcoin Cash, which usually inversely correlates with Bitcoin, is up nearly 6%.

Bitcoin has made a new all-time high of $4,700. Ethereum is sort of sidewaying while sneakily moving up schwiftly, Ripple keeps trying to fight with Bitcoin Cash for third position, rising nearly 7%, while Litecoin is trying to hold fifth position where a new section of second class digital currencies seemingly begins.

They’re not to be confused with tokens, which are on a different level. OmiseGo made the news for being the first to rise above $1 billion, Qtum has seemingly joined them too.

There is a newcomer called Hshare or HyperCash from China, where most of its trading volume is handled. It’s a digital currency of sorts, which claims to allow interchange between all digital currencies, while their protocol does not seem to be out yet.

However, their 8MB whitepaper has most of the buzzwords, as well as some new ones, such as blockless blockchain. While the currency made most of the gains today out of the top 40, rising 22% after finishing their ICO on July 17th, raising 21,000 BTC, currently worth nearly $100 million.

There hasn’t been much movement for the rest of the top 14, except that they’re all up and that Ethereum Classic has fallen below the top 10.

That currency has seemingly been forgotten, not moving much since the spring bull-run, hanging around $16 for what feels like forever as far as this space is concerned.

However, they might try and stir some trouble during the Metropolis fork, but it’s unlikely they’ll be able to overcome the simple rules of supply and demand.

One important indicator in that regard is trading volumes. They’ve fallen today even while they all rise, down from around $7 billion to ~$5 billion.

Eth has seen a considerable decrease, halved to under one billion, while btc’s trading volumes are down too, under $2 billion. With a rising price, one of the main explanation for falling volumes may be that people are simply not selling.

So continuing the longest bull market this space have ever seen since bitcoin’s invention last decade.