Bitcoin has hit yet another all-time high as virtually all the top 50 cryptocurrency markets rally.
The latest move upwards resulted in a consolidated effort from the biggest altcoins tracked by Coinmarketcap, with 95 percent of the top 50 posting overall gains in the 24 hours to press time.
Bitcoin is continuing to gain as commentators increasingly put faith in a test of the highly significant $5,000 barrier in the short term.
Various figures have been extremely bullish on Bitcoin reaching $5,000 sooner rather than later, ignoring criticism that the virtual currency remains in a bubble and will ultimately correct downwards in a manner similar to previous price spikes.
Commenting on the current price action, Civic CEO Vinny Lingham suggested the mid-$4,000s was a “nice consolidation,” but for a crucial upwards of downwards move, some external influence was needed.
Bitcoin is consolidating nicely at these levels but seems to need a catalyst for a breakout or a retrace…
— Vinny Lingham (@VinnyLingham) August 31, 2017
Meanwhile, Ethereum (ETH) has also posted near-record highs as news comes of developers signing a deal with a Russian state-owned bank.
The partnership aims to increase Ethereum expertise in the country, as well as study suitable state-sanctioned use cases for Ethereum Blockchain technology.