Crypto-Market Flirts With All-Time High
Following the hard fork of bitcoin cash from bitcoin, speculation over which way the market would turn, or if it would continue rolling sideways, varied.
Now the chips are on the table and traders are showing confidence by rallying behind bitcoin, which caused the market to swell to a new all-time momentary high of a $117.99 billion. Before the fork, as recently as June 12, 2017, the market had been at a then-all-time high of $117.2 billion before sharply plummeting roughly 30 percent, possibly over the uncertainty around the upcoming fork. A chart from CoinMarketCap displays the market at time of press:
Volatility such as the above example is not unusual in the cryptocurrency market. A famous case of a stock market collapse in 1987, when the Dow Jones Industrial Average dropped nearly a whopping 23 percent, has been referred to as "Black Monday." But in the crypto world, such an event could typically take place on any Monday. Subsequently, volatility has not been an obstacle for crypto-markets, which trade 24 hours a day without any breaks. This gives investors a chance to capitalize on big gains with a somewhat higher degree of risk; a market always in motion requires constant monitoring.
Whether the market continues to charge ahead or wanes in its momentum remains to be seen.