Crypto Today: Bitcoin, Ethereum hold steady amid lack of fresh catalysts

Bitcoin, BTC/USD, extended its consolidative mode near record highs into a third day today, as markets await fresh impetus for the next direction. Meanwhile, the second most traded digital currency Ethereum, ETH/USD, also holds steady near multi-month highs of $ 383.79 so far this Thursday.  

The subdued trading activity seen around the cryptocurrencies is mainly driven by a lack of fresh fundamental drivers, while markets digest the latest developments surrounding the digital currencies’ space, with Tobam, a Paris-based fund manager, reportedly launching a Bitcoin mutual fund to provide “diversification benefits” to clients, which will be backed up by cyber-security systems.

Meanwhile, Bitcoin price-forecasts published by the industry experts remain supportive of the recent upmove in the cryptocurrency. Fundstrat’s Thomas Lee doubled his price target to $11,500 by the middle of 2018 - a 40 percent gain from current levels, when compared to hedge fund manager Mike Novogratz prediction of $10,000 by the year-end.

Elsewhere, Norman Mataruka, Director and Registrar for the Reserve Bank of Zimbabwe noted: "bitcoin ... is not actually legal" for use within the country. “

In Southern Africa, what we have done as regulators, we have said that we will not allow [bitcoin] in our markets," Norman added.

 At the time of writing, BTC/USD defends minor bids near $ 8240 levels, with the upside capped by $ 8277 and downside cushioned by $ 8165. ETH/USD, trades modestly higher at $ 381.08, having bounced-off lows of $ 374.60.

The total market capitalization of all cryptocurrencies sits at $251.3 billion, slightly higher from Wednesday’s $245.6 billion, with bitcoin sitting at $ 137.46 billion market cap while that of Ethereum is at $ 36.60 billion.