The crypto markets to a widespread advance on Thursday were led by Bitcoin’s price as miners were closing in to consensus on Segwit activation.
The Raise of the four top-cryptocurrencies by at least 10%, hoisted the total market above and past $90 billion. Which compared to the market crash around July 16, when the total crypto market cap fell to $61 billion.
Bitcoin Price Breaks Through Barrier
Uncertainty about Bitcoin scaling contributed to bitcoin price volatility in recent weeks. Now, the miners appear to be reaching consensus on segwit activation. On July 19, 80% of the hash rate signaled for segwit. The network most likely needs one more major mining pool–which some expect may be Slushpool–to signal to lock-in segwit activation, but consensus appears imminent.
The bitcoin price responded to this news by rapidly vaulting past the psychologically-important $2,500 barrier. After spending most of Wednesday hovering at ~$2,350, the bitcoin price increased by 14% to its present value of $2,712. This is the highest mark for the bitcoin price in almost two weeks except yestarday when it hit $2863. On Friday the bitcoin market cap to $44.02 billion.
Ethereum Price Gain on Hold
Compared to Wednesday when the 24-hour was around 9%, on Thursday the fast paced gain stopped as the price rose only 1%. This continued on Friday as the increase right of this article is only 3.61% up to $226.76.
The ethereum community is currently dealing with the fallout from yesterday’s $32 million Parity wallet hack. The hacker exploited a flaw in Parity multi-sig wallets, allowing him or her to gain control of the wallet funds. Several Ethereum project development teams–including Swarm City–lost millions of dollars. Normal Parity wallets, as well as all other ethereum wallets, remain unaffected by the breach.
Bitcoins Dominance Growing
Bitcoin’s dominance increases for 1% from mid-day Thursday when it was around 46,20% to 47,43% on Friday. Ethereum and Ripple are submergin to 22.85% and the latter one 7.68%.