Crypto’s Boom Continues to Escalate as Market Cap Hits $170B
Despite Bitcoin momentum receiving much attention, all top 10 altcoins are in the green. The good performance has been recorded simultaneously for all of them for the first time. Even if not all currencies have had some gains, there’s no doubt that crypto currency is headed in the right direction as a whole. This is evidenced by a $170B market cap for all tracked crypto currencies. Is there any currency that can piggyback on Bitcoin’s breakthroughs? That’s something we’ll have to wait and see.
Alternative cryptocurrencies, on the other hand, have been treated with much negativity, but that shouldn’t be the case. All the top 10 cryptocurrencies such as Ethereum, Bitcoin Cash and Ripple are performing considerably well. There are some altcoins whose gains are much higher than others but generally, the momentum is positive across most currencies.
It’s quite difficult for some people to comprehend that Dash and Ethereum currently record the least gains. Besides Bitcoin, these two were among the top performing for a better part of 2017. Ethereum value increase was billed at around 2,000% while Dash recorded figures almost similar to these.
These bullish trends may not happen anytime soon but interested parties are excited to see what the outcome may be. But even if the massive gains are not being seen today, these currencies still managed to achieve an increase of 1.77% and 1.9% respectively, still an acceptable rate.
Bitcoin not the leading in gains
It’s fascinating that despite Bitcoin continuing to be the most popular cryptocurrency it isn’t the leading when it comes to gains. The altcoins that have exceeded its figures are Bitcoin Cash, Litecoin, Ripple, and IOTA in the given order.
This could be explained by the fact that the value of Bitcoin is higher than all the altcoins (surpasses the combined value of all these other cryptos). For Bitcoin, 2% increase translates to $90 price rise while 2% for IOTA is equivalent to $0.017.
Then there is the idea of NEO beginning to make a comeback after undergoing severe volatility for the past week. Things are really falling apart for this currency which was once valued at $50 but now stands at $34.17. But again this value is still descent going by the fact that the public and investors are yet to fully embrace altcoins. Thinking that it will be the next Chinese Ethereum is a far-fetched idea.
If you thought that Monero was on the verge of collapse then you are wrong. The currency has made an unprecedented comeback compared contrary to a trend it had begun to show. Latest data shows that it gained by 9.10%.
XMR was enjoying rapid gains not too long ago and many expected that market correction would soon hit it. That didn’t take long to happen as the correction proved much steeper than expected. However, its value still stands at $125. XMR is crawling back to about $140. We may see yet another record high performance in the future but the time is still unripe to predict such an outcome.
More cryptocurrencies continue to experience different gains with NEM dominating from this sphere. The past 24 hours have seen it record a 12.75 percent gain. This is certainly helping NEM advance towards the $3 billion market cap. Currently, its market cap is at $2.945 billion. As you can see, it won’t be hard by any means to realize that goal.
But one thing that has frightened holders throughout is the highly volatile nature of cryptocurrency markets. They either rise or fall at an instant without any warning. There are a number of factors that contribute to this volatility including:
- Bad press: Some news events scare users from adopting more of these cryptocurrencies.
- Value fluctuations: The store of value compared to fiat currency keeps changing from time to time making the currency volatile.
- News on security breaches that triggers a negative reaction amongst investors.
The future of currency evidently lies in crypto currency. These positive trends if recorded in the next couple of months may see more investors coming on board.