The year 2018 has a red-hot start as the Total Cryptocurrency Market Capitalization Hits Over $700 Bln on Thursday. Dig in for more.
4 January, OctaFX–Traders are increasingly getting concerned about Bitcoin and its price and therefore turning to other cryptocurrencies like Dash, Ripple, Stellar, and Cardano that have seen double digits growth YTD.
Total Cryptocurrency Market Capitalization Hits Over $700 Bln
In the final weeks of 2017 Bitcoin started its fall, reaching a low of $12,500. The fall was as a result of negative headlines and infighting among the bitcoin community. However, 2018 has been a red-hot start for cryptocurrencies, with the combined value of the digital asset market reaching $750 billion on Thursday.
Ripple’s XRP token has been a major catalyst for the growth as its market cap surged past $130 billion. The so-called ‘banker’s cryptocurrency’ briefly traded above $3.00 on Thursday, which is a new all-time high.
The XRP/USD exchange rate was last seen trading at $2.89, according to Bitstamp, for a total market valuation of $132.8 billion. Trade volumes over the last 24 hours exceeded $7.5 billion, as traders continued to pour into the digital asset.
Ripple was the best performing crypto asset of 2017, outpacing thousands of other coins. Its outlook remains strongly bullish, with rumors circulating that Coinbase may soon support the altcoin. Currently, the popular exchange only supports Bitcoin, Ethereum, Litecoin and Bitcoin cash.
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