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

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.

Comments

RAT005 eforce Sun, 12/03/2017 - 12:21 Permalink

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.

In reply to by eforce

RAT005 Xena fobe Sun, 12/03/2017 - 14:27 Permalink

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?

In reply to by Xena fobe

RAT005 Yellow_Snow Sun, 12/03/2017 - 15:44 Permalink

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.

In reply to by Yellow_Snow

RAT005 IH8OBAMA Sun, 12/03/2017 - 15:49 Permalink

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 :-)

In reply to by IH8OBAMA

Bunga Bunga BaBaBouy Sun, 12/03/2017 - 12:44 Permalink

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. 

In reply to by BaBaBouy

ThirteenthFloor hedgeless_horseman Sun, 12/03/2017 - 10:56 Permalink

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’,

In reply to by hedgeless_horseman

tmosley hedgeless_horseman Sun, 12/03/2017 - 10:51 Permalink

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.

In reply to by hedgeless_horseman

Number 9 tmosley Sun, 12/03/2017 - 12:24 Permalink

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.

In reply to by tmosley

cryptomonk tmosley Sun, 12/03/2017 - 14:35 Permalink

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-6289246e7b4dThis is not an investment advice. I am not ruling out possibility that it can go 10x, but please be honest about fundamentals.

In reply to by tmosley