Bitcoin price sets record above $63,000, lifting these coins with it
The cryptocurrency market has set a number of records as Bitcoin sees a new all-time high.
Bitcoin has set a new all-time high (ATH) $63,577, up 5.1% on the day. This brings an end to nearly three months of sideways price consolidation and paves the way for a move up to $70,000, which will serve as the next point of resistance according to analysts,
A rising tide lifts all ships (ETH, XRP, DOGE)
The total value of the cryptocurrency market now sits above $2.2 trillion, as a number of altcoins have also posted record highs this week.
Ethereum also set a new ATH today of $2,487 as the long-awaited Berlin upgrade comes into effect this week. Berlin goes live today and will help alleviate some of the issues associated with Ethereum’s prohibitively high transaction fees, which are choking the network.
Users will not likely notice the effects of Berlin immediately for a while, but rather when the next upgrade London is implemented later this year, which will burn some of the fees that normally go to miners in an attempt to standardize gas fees.
Sitting at $1.86 yesterday, XRP continues on its path back to previous record highs. It’s believed the outcome of the ongoing lawsuit with the SEC is turning positive, as Ripple executives motion to dismiss the suit.
Dogecoin is now worth $0.14 per coin and is currently worth more than international payments provider Western Union.
Disclosure: The author owns a range of cryptocurrencies at the time of writing