Bitcoin Hits New All Time High After Burst Of Asian Buying: Market Cap Nears $200 Billion

Tyler Durden's picture

Whether it was the previously discussed unexpectedly bullish JPM report (which calculated that a mere $6bn in net capital inflows has pushed the crypto market cap to $330 billion), or just the latest unexplained burst of buying out of Asia with another weekend surge in volumes out of Japan and Korea, but last week's bitcoin mini meltdown and bear market are now long forgotten, and overnight the world's most popular cryptocurrency has soared again, up $750, or 7%, in the past 24 hours, last trading at a new all time high of $11,795, just $200 away from $12,000.

That means it is up nearly 40% from last week's $8,500 flash crash. To those who bought at the lows, congratulations.

As a result of the latest burst higher, the market cap of bitcoin is now $196.5 Billion, and with Ethereum and the rest of the cryptocoin sector moving higher in sympathy, the market cap of all cryptocurrencies has hit a new all time high $350 billion.

Following Sunday's move, Bitcoin's YTD return has risen to a staggering 12x, while ethereum is up nearly 50-fold.

Bitcoin's market cap is now the same as HSBC at $196 billion, and greater than that of Coca Cola, Cisco, Toyota, Comcast, Pepsi, Bank of China, and Boeing as it is fast approaching Citigroup at $200 billion.

While every push higher prompts renewed bubble warnings from skeptics, others such as the head of the Russian Blockchain and Cryptocurrency Association and Cryptocurrency Yury Pripachkin, have prdicted the cryptocurrency could hit $20,000 by the start of 2018. Compared to pioneering Bitcoin investor, Michael Novogratz, the Russian's forecast seems tame: last week "Novo" said bitcoin will continue its relentless rally, hitting $40,000 by the end of next year, while ethereum will triple to $1,500 or more.

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FreeShitter's picture

Black or Red Lambo?

NugginFuts's picture

Why not buy both? Give it another month or two and it will double again.

MonetaryApostate's picture

Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, yes, fake everything! https://plus.google.com/collection/QorNbB

hedgeless_horseman's picture

 

HODLers think they are nervous, now, wait until we get above $100,000.

I am fortunate that I can take a HODLer approach, and don't need the money.

Still only know three non ZHers that actually own any.

hedgeless_horseman's picture

 

Yes, I posted this already.

So?

Oh no, I don't want to make a huge profit, because then I'll have to pay capital gains taxes!

I love my WHITE PERSON PROBLEMS.

BaBaBouy's picture

Blockchain Co.s next up ???

Could be Internet 2.0

BaBaBouy's picture

The whirlds money supply is getting a lot larger with Cryptos.

Just as if GOLD was at a more Correct $25K, there would be more liquidity and wealth spread around the economies.

You can bet the deep state is monitoring this closely and who knows what their actions will be...

eforce's picture

Another BS article, falsely attributing buying power, it was pumped with Tethers again... 

"62 million in Tether backed margin long positions opened in 1 hour. Totes legit fam."

https://twitter.com/Bitfinexed

RAT005's picture

Serious question for the Bitcoin crowd:  Some time ago at $1200, I bought $20 of bitcoin so I could pay for a $5 item.  So I still had $15 of bitcoin.  Now I have no idea how to access it.  I have no idea what that big code number is and I don't remember what exchange I bought it on.  Any suggestions how to find my bitcoin?  I guess they are worth about $100 now.

Xena fobe's picture

You would have to have something sent to your email.

RAT005's picture

Thanks for even that much tip.  I don't have any emails related to the purchase.  Found that I bought it (2/2017) on Paxful.com but that is only from an email I sent to friends describing how crapy the whole experience was.  When I went to that sight, my computer remembered my login credentials and then inside it says I have 0.01613126 BTC.  No idea how to access it.  Do you have any more suggestions?

QueeroHedge's picture

 

Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, yes, fake everything! 

 

The crypto hater butthurt is real so there's that.

Slack Jack's picture

If you haven't taken your bitcoin profits by now you are crazy.

If you are still buying in, you are insane.

eforce's picture

Find, sell now, ~$140, buy the dip, you now have a small bitcoin trading account.

IH8OBAMA's picture

I Shot A Rock Into The Air,

Where It Lands?

Could Be AnyWhere!

TwelveOhOne's picture

The "Russian Blockchain and Cryptocurrency Association and Cryptocurrency" -- is that like the "Department of Redundancy Department"?

Yellow_Snow's picture

Another BTC 'crumb' lost to the ether...  Your SOL, sorry... same happened to me in 2011

RAT005's picture

Turns out I got pretty lucky.  I had no official info whatsoever.  But I sent an email to a buddy after the purchase describing what a pain the whole experience was.  In that note, I mentioned where I bought the Bitcoin.  That pointed me to my wallet, and my computer remembered my login credentials though I might have been able to figure that out otherwise.  The other thing I noticed was the exchange was closely associated with the service I needed to pay the $5 to, so maybe if I got more desperate I would have stumbled over that connection by revisiting the merchant.

That's just my chain of events that led me to finding my Bitcoin, I really thought they were long gone....  Maybe if you turn over every stone from your 2011 experience you'll stumble on a path to reclaim your Bitcoin.  Good luck.

adr's picture

No key, they're gone.

You could have $50 billion worth of Bitcoin, making you one of the world's richest people. However if you lose the key, you're never getting any of it.

RAT005's picture

Is there a difference between the Key and the Wallet Code?  I found the Wallet Code.

IH8OBAMA's picture

Any suggestions how to find my bitcoin?

Search your old email inbox for the word 'bitcoin' and you may find an email or two from that exchange and possibly your login info.  It's probably just sitting in a wallet the exchange created for you.

 

RAT005's picture

You are correct, thanks for helping.  Unfortunately, my email had nothing official from the exchange.

I described how I found it above.  Funny how it all happened.  Prior to a trade show I wanted to purchase some advertising for our booth.  Couldn't find any trade type journals or other conventional advertising that showed any following in that location for the trade show theme.  Then found Craigslist type page that had a lot of activity.  But they would only take payment in Bitcoin and fortunately for me today, they had a sister exchange site.  At that Bitcoin exchange there weren't any immidiate ways to pay except a mention that I could trade gift cards.  I never own or buy gift cards but kind of remembered an Amazon card from family.  Took awhile to find it and traded it for Bitcoin.  It was a $30 card, I got $25 Bitcoin after the bid/ask spread and paid the $5 to the advertiser.  I probably did something to keep track of the BTC but I lost the something.  Found my way to the wallet with the simple help above and it's worth $188 now.  I don't see how on the exchange with my wallet that I can sell my BTC for cash but someday I'll trade some for another service as necessary......  I'll have to tell the family that gave me the card what it turned into :-)

Bunga Bunga's picture

At the moment Wall St's last straw is FANG, but the story gets old, very old.

CNBC/Cramer already started hyping stocks, beause of - I never expected this - Bitcoin (Square, Overstock). Soon we will see a bunch of Crypto IPOs on Wall St.

Bitcoin comes to the rescue and will drive the Nasdaq over 10,000 quickly. 

marysimmons's picture

Litecoin just hit new ATH - $103.98.  Congratualtions to all the LTC HODL'ers and stackers (digitally speaking, of course)!

ThirteenthFloor's picture

It is also to track over the border movement (in and outflows) of cash not just taxes. The IRS is more police than an income revenue service, tax laws are now used to punish who they want to punish. When you run trillion plus annual deficit collecting 1 million here or there is not as important as punishing those you need to punish for not following their ‘rules’,

BaBaBouy's picture

Got that right.

Thats how they got Capone.

Beware, declare your profits correctly...

""On This Day: Al Capone Convicted of Income Tax Evasion. On Oct. 17, 1931, Chicago gangster Al Capone was convicted of income tax evasion and later sentenced to 11 years in federal prison, ending his control of the Chicago underworld.""

max2205's picture

$C ? 200 billion ?   LMFAO 

Raffie's picture

CONGRATULATIONS!!!

BITCOIN HAS DIED 200 TIMES NOW!!!!!!

Look at that multiple FLUBBER BALL (opposite dead cat bounce) BOUNCES....

Between my cryptos, ICO's I expect to retired by/around 2020. 

I got gold/silver as well, but there is no profit gains at all, it is only insurance but cryptos is where the profit are at. 

marysimmons's picture

"This Bitcoin chart is insane. Oh, wait, that’s actually a chart of US dollar money printing." People around the world are trying to escape central bank lunacy and this is one reason global fiat is pouring into the crypto space.

https://mobile.twitter.com/alcuinai/status/936640234636431365

ZH Snob's picture

So?  just pay your taxes and still have a legitimized fortune left over.

tmosley's picture

I'm impressed they were able to make a new ATH without a tether pump in the last 24 hours.

IOTA is killing it today. That position now dwarfs my previous crypto portfolio, even after cashing out my initial investment.

hedgeless_horseman's picture

 

Where are you buying IOTA?

tmosley's picture

I bought it on Binance, but they (along with Bitfinex) had not been allowing withdrawals for the last little while. I see that this morning withdrawals are re-enabled. This fixes a market imbalance where IOTA could flow onto the exchange, but not out of it, artificially increasing supply and thus suppressing price.

If you are looking to buy, wait for a good dip. It's at an ATH right now.

hedgeless_horseman's picture

 

Are you comfortable with using Google's Two-Factor Authentication on Binance, or do you go without it?

You can PM me on ZH chat if you prefer.

tmosley's picture

I use 2FA. Very important.

Google is after a lot of things, but I don't think your money is one of them. Not in a "direct theft" sort of way.

blentus's picture

Always use 2FA.

Google Authenticator is simple and easy to use.

You might want to make sure to store the authentication key (it will usually be presented when you enable 2FA) somewhere safe, so that you can recover 2FA if you lose your phone or it dies, etc.

hedgeless_horseman's picture

 

Yes, always use 2FA.

Yes, it is easy to use.

No, I don't trust Google.

Raffie's picture

As a rule I always use a VPN client when buying/selling/trading cryptos to add another layer of protection, especially when on wifi. 

Been very happy with Express VPN. 

I'm into WildCryptos and they screaming today. https://coinmarketcap.com/currencies/wild-crypto/

+%264 in last 24hrs.

SixIsNinE's picture

AND, according to Lynette Zang - IOTA has a "preferred" position  amongst the bittybankster class

i'm trying to get set up now -

is coinbase still good to make crypto buys on - what other options are as good or better, ? please :)

 

tmosley's picture

Coinbase has terrible customer service and its servers seem to melt more than my preferred fiat gateway exchange, Gemini.

I would expect IOTA to be preferred by ANYONE who is educated on the subject, as unlike blockchain, which slows with more traffic, DAGs like IOTA get FASTER.

SixIsNinE's picture

thanks ol' one eye !

 

 

Consuelo's picture

 

 

Really...?

 

Shit, and here I always thought it was an avocado...  

Number 9's picture

the fvkin iota wallet i dl'ed from google playstore is one huge flaming pos.

 is the one directed to use from iota website..

i have 100 iota floating some place in the ether..

fvk

 

tmosley's picture

Reattach your receiving address. If that doesn't work, try a different node. A lot of them are being DDOSed right now.

New wallet is coming in two weeks which will handle this stuff automatically.

This is the pain of early adopters.

Number 9's picture

didnt know i had to be a fvkin programmer to get this shit to work..

but n e way.. i get faster net access tomorrow and will go buy some cheap assed windows 10 comp on craqigslist so i can download the windows version of the wallet and fix the fvkin thing..

not compatible to vista.

smallblockchevy350's picture

Gemini has been great for me. The only downside is you can only trade BTC and ETH. I just signed up on binance and traded some ETH from Gemini on a buttload of IOTA. Let's see where this goes, I'm thinking UP.

cryptomonk's picture

tmosley,

I have a great repsect for what you are doing here for the community and your nerves against peanutz here.I am bitcoin maximalist, but I don't hate altcoins. However, there are some projects like IOTA that are spreading blatantly wrong info about themselves. IOTA is a faiiled approach. 

https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d

This is not an investment advice. I am not ruling out possibility that it can go 10x, but please be honest about fundamentals.

MonetaryApostate's picture

Smells a bit totalitarian / centrally controlled to me, is this a single incident?