The cryptomarket, as we know, have been very volatile recently and has been consolidating during the past weeks which means that the price has moved up and down with no specific direction. Even though we have seen the most gains in tokens outside the top 10, all of the biggest cryptocurrencies are in green this morning and Bitcoin broke past $6,500 according to Coinmarketcap.
Some say the rise is because the Swedish Bitcoin ETN now also is tradable in the US – news that came out a few days ago. The ETN is not the same as an ETF but a small step in the right direction and could bring some new investors into the crypto space.
Bitcoin dominance has retraced a few per cent and hovers around 51 per cent of the total market capitalisation. The total market capitalisation has now reached $220 billion, up $28 billion from yesterday, and, to give you some perspective, is very tiny compared to the market cap of gold for example that is around $7 trillion. The market capitalisation of gold is small when compared to the Stock market, or Forex market. The total number of coins listed on Coinmarketcap is 1855.
The top 10 cryptocurrencies are the biggest by market capitalisation and among them, Ripple (XRP), has gained the most with a movement of 16% in the last 24 hours. Both Bitcoin Cash and EOS have gained over 10% during the same timeframe.
Bitcoin (BTC) is consolidating but has been seeing steady growth over the past days. It was as low as $5,900 a couple of days ago and is now trading a bit over $6,500, a level that has been acting as strong resistance. Bitcoin is holding up its weekly gains of almost 7 per cent. Its dominance is down to 51 per cent from a high of 54,3 per cent earlier this week.
Ethereum (ETH) is the second biggest by market capitalisation and has also seen a significant recovery during the week. It crashed to as low as $259 and restored around 11% over the past 24 hours. The cryptocurrency is currently, this morning, trading around $309.
Ripple (XRP) that have had the biggest gains could be because they listed three more crypto exchanges on its border-cross payment solution xRapide. Ripples intention is to create a “healthy ecosystem” of digital asset exchanges. The exchanges that they listed are U.S.-based Bittrex, Mexican Bitso, and Filipino Coins.Ph.
“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers.”
Image Source: “Flickr”
Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.