The race between stocks and cryptos who can hit new all time highs and keep climbing without even bothering to look back, continued on Saturday, when the two biggest cryptocurrencies by market cap, bitcoin and ether, hit new all time highs, with Bitcoin breaking above the $8,300 resistance level around 0700 UTC, and hitting a high of $8,650 in early trading, up over 5% on the day, and rising at a pace that has put the $10,000 price target by both Mike Novogratz (and Jose Canseco) firmly in its sights.
Separately, ether also continues to set new highs, and two days after South Korea’s regulator announced it had “no plan” to regulate cryptos, news which helped the crypto break out above its long-term range, and above its previous all time high, the native token of the ethereum project soared to $485.19 in overnight trading, morning, and is currently priced at $477, up 9% for the day and 37% for the last week.
Bitcoin started the year just above $1,000, and the YTD gain is now above 850%, which however pales in comparison to Ether’s 5,000% YTD return.
The cryptocurrency’s market capitalization has reached $142 billion.
Finally, tired of being left behind, Litecoin has also joined the fray, and is up 12% in the past 12 hours, rising to $84, and fast approaching its own all time high of $100 set at the start of September.
The sharp gains come as the combined market capitalization for all cryptocurrencies also peaks at new highs – currently standing at over a quarter trillion dollars, or roughly $270 billion. Bitcoin’s market cap is now over $142 billion, making it more valuable than corporations like Siemens, Mastercard or McDonald’s.