The total cryptocurrency market capitalization exceeded $ 500 billion for the first time in February 2018. This is due to the growth of the main cryptocurrency, which was observed during the last two days.
In the last 24 hours the price of bitcoin rose 8 percent, up from 10.030 $ 10.784$. While in South Korea, the price of bitcoin exceeds the average market value of 2-3 percent. At the time of this writing, the Bithumb, South Korea’s largest cryptocurrency exchange, bitcoin traded at 11 $ 100.
Compared to such major markets as Japan and the United States, the South Korean cryptocurrency market have significantly less stock on most of the cryptocurrency. Therefore, when there is a demand for bitcoin or other cryptocurrencies, and their prices in South Korea are higher than prices in other major markets. It can be regarded as an indicator of increased demand for the cryptocurrency from local investors, which is a optimistic signal for the entire Asian market.
The daily volume of bitcoin trading has grown over the past day on all the major exchanges, more than any other period in the last week, which suggests there is enough momentum for short-term growth rates in the coming days. Some analysts said that if the price of bitcoin will exceed $ 11.500, she will continue growing up to 13.000 dollars.
Earlier this week, several major media in South Korea reported that many families have sent bitcoins to children as a traditional gift for the new year (usually this gift are Fiat money). It is obvious that these cases do not have a serious influence on demand, but allowed the number one cryptocurrency to several positive articles in the press.
Ethereum and other cryptocurrencies
Ethereum and other major cryptocurrencies last week more or less consistent with the trend set by bitcoin. In the last 24 hours only a few cryptocurrencies, such as NEO walked around the bitcoin growth rate.
A token-ICO-projects also increased in price due to news from Switzerland. This week the Swiss financial regulator issued a special document that describes all the wishes of the regulatory authority for the ICO projects to ensure transparency. Given that Switzerland is very much ICO is certainly a positive signal.