$19,000: Bitcoin Hits New All Time High After Burst Of Asian Buying; Bigger Than Wells, Wal-Mart
by Tyler Durden
ZeroHedge.com
Dec 16, 2017
Having traded in a relatively narrow – for bitcoin – range of $16,500-$17,500 over the past week, the world’s most popular cryptocurrency jumped to new all time highs following the latest (unexplained) burst of buying out of Asia, with another Saturday surge in volumes emerging out of Japan and Korea.
Bitcoin is now up over $1,200, or 7%, in the past 24 hours, last trading at a new all time high of $19,000 on the coinbase exchange.
As a result of the latest push higher, the market cap of bitcoin is now over $318 Billion; to fund the bitcoin spree, Ethereum, Litcoin and various other cryptos have seen some modest liquidation, and have not enjoyed Bitcoin’s latest dramatic ascent.
As of Saturday morning, the total crypto space market cap surpassed half a trillion, and was above $560 billion at last check.
ollowing Saturday’s surge, Bitcoin’s YTD return is approaching 20x, while ethereum remains the best performing major crypto, up more than 70-fold YTD.
Also, for those keeping track, Bitcoin’s market cap is now greater than Bank of America at $302 billion, as well as Wells Fargo ($295BN), Wal-Mart ($288BN), and Visa ($257BN). It is rapidly approaching Exxon at $352BN, but the real target is JPMorgan, whose $368BN market cap is now less than $50BN away.
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