Bitcoin Poised To Challenge All-Time High
The price of one bitcoin BTCUSD, -0.76% rose 2.4% to $4,466.78 Friday, after touching an intraday high of $4,496.29. On Aug. 17, the cryptocurrency had touched a record high of $4,510.78, and proceeded to drop below $3,800 on Tuesday, a more than 15% slide, before turning around.
Bitcoin now carries a market cap of $73.81 billion, and demand for graphics processing cards used to mine for bitcoins has far outstripped supply from companies like Nvidia Corp. NVDA, -0.84% and Advanced Micro Devices Inc. AMD, -0.56%
On Thursday, The Securities and Exchange Commission suspended trading of shares of First Bitcoin Capital Corp. BITCF, +4.68% which have jumped more than 6,0000% this year alone, because of concerns about the accuracy of information about the Canadian company.
Ether, the cryptocurrency running on the Ethereum network, saw its price rise 2.7% to $334.61, still off its high of $388.49 set on June 15. Ether has a market capitalization of about $31.48 billion.
The market cap of all cyptocurrencies again passed above the $150 billion mark on Wednesday, and stood at $156.43 billion on Friday, according to CryptoReport.com. By means of comparison, the closest S&P 500 index company with a market cap of that size is Walt Disney Co. DIS, +0.88%