Bitcoin price (BTC/USD) pushes forward as crypto market cap surpasses $170 billion

on Aug 31, 2017
Updated: Mar 11, 2020

The Bitcoin price (BTC/USD) has reached a new all-time high in today’s trading, which has seen the cryptocurrency market also at record levels.

According to the Coindesk Bitcoin Price Index, as of 14:45 BST, the original currency was trading at $4,778.47. At the same time the last trade price for BTC/USD at the Coinbase-operated cryptocurrency exchange GDAX was $4,722.99.

Not surprisingly, Bitcoin remains the most-traded cryptocurrency on the market. At $1.77 billion, its current 24-hour trading volume is a bit down from the levels seen in the past few days, but it’s still well above Ethereum’s $748 million.

Most major cryptocurrencies have seen price gains today, which has pushed the cryptocurrency market size to new highs. According to data from Coinmarketcap, the total market capitalisation of digital currencies currently stands at $171.5 billion. Bitcoin’s value accounts for 45.3% of that number.

According to some analysts, Bitcoin and the digital currency market as a whole could soar to much greater highs over the next few years. Among those is the founder of Standpoint Research Ronnie Moas, who recently forecast that the original cryptocurrency could soar to $15,000-$20,000 by late 2020. He also believes that the cryptocurrency sector would reach $2 trillion in size in 10 years.

However, others, such as billionaire investor Howard Marks, have expressed doubts over the value of digital currencies.

In today’s trading, the Bitcoin price stood at $4,776.07, as of 15:25 BST, according to CoinDesk. The digital currency has gained 3.15 over the past 24 hours.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.