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The global cryptocurrency market cap has now blown through that of famous startups like Uber , Didi Chuxing, Airbnb, Xiaomi, and many others.
Global Cryptocurrency Market cap
As Bitcoin and other cryptocurrencies gain traction throughout the world, more money keeps pouring from traditional markets into the cryptosphere. Breaking record highs during the weekend, Bitcoin, Ethereum and others have grown to unprecedented values, adding roughly $25 billions to the global crypto market cap in the last two days.
Currently sitting just under $80 billion, the global cryptocurrency market cap has now blown through that of famous startups like Uber ($68B), Didi Chuxing ($50b), Airbnb ($31B), Xiaomi ($46B), and many others.
Although there is still a long way to go to reach the value of giants like Apple, Microsoft and Amazon, this marks a significant milestone in the cryptocurrency progress.
The continuous rally in the crypto markets is believed to be mostly connected to the recent Japanese law, in which cryptocurrencies are considered as legal payment methods exempt of consumer tax. Not only that but in the midst of political uncertainty and as the traditional market continues to plummet, investors are looking for safe-haven properties that are often provided by gold and now by cryptos like Bitcoin and Ethereum.
Moreover, Bitcoin and altcoins are completely new to most average investors and represent a certain level of technical challenge. However, cryptocurrencies are actually much easier and cheaper to access than the traditional market. Buying stock in these startups is no easy task, as opposed to buying Bitcoin or altcoins, which is also a driving factor in the cryptocurrency rally.
As one Reddit user noted:
People are constantly whining about how hard it is to buy Bitcoin, but try buying into an IPO for one of those startups or just shares off the market. It’s not impossible, but it’s not cheap and it’s not easy. Relatively, crypto has a very low barrier of entry and you can trade as little or as much as you want. There’s no substantial minimum trade cost and fees are near enough to zero to have no impact.
In the last month, the cryptocurrency landscape has changed drastically, gathering over $40 billion in market cap and doubling in size In time, Bitcoin has been losing its share of the crypto market at an accelerating rate.
Even though Bitcoin is still the “top dog” with a market dominance of roughly 46%, the change in market cap distribution represents an important shift in the cryptocurrency scene, one that may not be great for Bitcoin itself, but that is certainly great for the cryptocurrency market as a whole.
Bitcoin is likely to remain the leader in terms of coin market cap, given its broader application as a currency (and not as an appcoin or asset) and the relative advantages it has over other currencies such as security, immutability, and decentralization.
However, this change demonstrates that investors are becoming more knowledgeable about blockchain technology in general. Additionally, many newcomers are probably also investing in alternative cryptocurrencies with the hopes of catching the next wave after failing to buy bitcoin for double and even triple digit prices.
Lastly, this shift in dominance may also be connected to the pressing capacity issues that Bitcoin is facing, preventing it from keeping up the growth of other coins that have yet to face their own scaling challenges down the road.
Paradigm Shift or Bubble?
Although this unprecedented rally is certainly a reason for excitement, many members of the community have voiced their concerns regarding the possibility that we are currently experiencing a bubble similar to the one experienced in 2013, which as we all know, had disastrous results.
Some are even comparing the current Poloniex situation with Mt.Gox back then, given the recent suspicion that Poloniex is manipulating the markets, an idea that isn’t so far-fetched since Poloniex comprises the majority volume on the most valuable altcoins.
The cryptocurrency surge presents signs that can be interpreted from multiple sides. While it is possible to present logical and compelling arguments for many theories, the truth is that cryptocurrencies are a completely new asset class. In other words, no one can predict how this nascent market will behave, especially in the information and internet age.
One thing is certain, however, there is still a long way to go to reach mainstream adoption. Therefore, we could just be getting starting.
To give you an idea, the current global cryptocurrency market cap would have to grow tenfold to reach that of Apple. While Bitcoin itself would have to be worth roughly $46,000 USD to have the same marketcap as Apple or roughly $700 billion.
What do you think? Are we in a bubble? Will Bitcoin lose its position as the top cryptocurrency? Share your views on the comment section!
Images courtesy of coinmarketcap, Shutterstock
The Ripple cryptocurrency XRP has been the center of attentions, rallying to unprecedented heights over the last month but what is truly fueling the rally?
[Note: This is an Op-Ed]
XRP Shoots Up 445%
Ripple has been enjoying a phenomenal month on the price charts, constantly breaking all time highs and dominating daily trading volume.
Although recent times have been filled with exciting rallies, XRP has overshadowed every altcoin out there, growing over 445%% in two weeks, making it the second most valuable cryptocurrency with a marketcap of roughly $14 billion.
The rally experienced in the XRP price charts can be attributed to recent news on the cryptoshpere like the addition of new customers (banks, and payment service providers) to the Ripple network. This also includes news of the Bank of Tokyo-Mitsubishi UFJ, which recently joined Ripple’s Interbank Group for Global Payments, and the announcement to lock a large portion of the company-owned XRP tokens under escrow.
Some have also pointed to the current cryptocurrency landscape in Japan (where Ripple holds a strong community presence and has made several bank partnerships), and how the new regulatory stance of the country can be supporting a new wave of misinformed investors.
In a recent blog post, Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, Koji Higashi stated:
Another thing to note about this new trend is that the general lack of understanding or appreciation of the technology by many of new users. This is no surprise and all of us have been there at one point but the new wave of Japanese investors seem to be exhibiting a whole new level of incomprehension and misguided decision making in my opinion.
However, it is becoming evident that the general lack of knowledge regarding what Ripple is and what the recent updates actually mean is global as XRP has been dominating trading volume in the BTC market as well.
Fueled by Misinformation?
Although Ripple been one of the most valuable cryptocurrencies in terms of market cap for quite some time, its recent rally can only be fueled by the recent rumors and news regarding the XRP token. The most relevant of which are the customers and partnerships acquired by Ripple and today’s announcement regarding Ripple’s 55 Billion coins being locked, which has been circulating the web as a rumor for a while now.
Given the scenario, many investors that are now joining the Ripple boat must have no idea what they are buying and how the news actually influences the demand and supply for the token in the long-term, once the “hype” has died down.
For example, many users believe that banks and other types of financial service providers that are joining the Ripple network should create demand for the XRP token, which is needed in order for banks to make use of the technology that Ripple has created, one that rivals VISA itself in terms of transaction throughput.
However, the general public doesn’t seem to realize that these institutions are “encouraged” but not required to use XRP to pay any kind of operation fees. Instead, they can simply make use of the technology provided by Ripple and build their own network using their own in-house tokens.
It is also a known fact that Ripple holds ~62% of the XRP supply, which is capped at 100 billion. This means that Ripple currently has roughly $23 Billion worth of XRP. Standards on how marketcap is measured in the cryptocurrency space vary but if you count all of the XRP that currently exists, Ripple has a ~37 billion dollar market cap, or over 7 billion dollars more than Bitcoin.
Another general misunderstanding is that the token-lock result in scarcity of XRP tokens. According to the announcement, Ripple will lock 55 billion tokens out of the 62 billion tokens they own as a means to inspire trust (or perhaps to further accelerate the price growth of XRP).
The truth is that this will affect the supply of XRP. The tokens that have been in the possession of XRP will continue to be held by the team. In other words, no XRP will be removed from circulation. The number of XRP available on exchanges and wallets today, will remain unchanged. Unfortunately, some less-informed users believe this will create some sort of artificial scarcity.
One should also note that Ripple’s pledge to lock any amount of tokens is nothing but fireworks, given that the centralized nature of Ripple allows it to change the rules at any time.
A post by Ripple that seeks to compare the characteristics of Bitcoin, Ether, and Ripple makes this clear:
In contrast, the Ripple Consensus Ledger has proven governance with institutional validators run by MIT, Microsoft and leading global banks.
Lastly, user’s should also note that these tokens won’t be locked for long. The official announcement reads:
We’ll use escrow to establish 55 contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use.
Despite the aforementioned misunderstandings, it should also be noted that Ripple is certainly not vaporware. The Ripple company is building real technology that is being used by real corporations.
But traders should keep in mind that whatever Ripple is building, it is building it for the banks and middlemen, not for the people, per se. This, in my opinion, puts it in a whole other category than Bitcoin and many other decentralized cryptocurrencies, whose goals are to eliminate middlemen, decentralize money, and empower the individual.
Is the XRP token in a bubble? Or is there something else we are missing? Let us know what you think is driving the rally in the comment section.
Images courtesy of CryptoCompare, Ripple, Shutterstock
eToro has revealed that the number of users its Bitcoin and Ethereum has soared while trading volumes have “exploded” on its platform since the beginning of the year.
eToro Runs Up Trading Volume 4,500%
So far this year, eToro users trading CFDs (contracts for difference) in cryptocurrencies his risen by four times compared to the same period in 2016. Since the beginning of the year, cryptocurrency trading volume on eToro has soared by a whopping 4,500%.
Since Bitcoin trading has been supported by eToro since 2014, one major reason for this surge can be attributed to the platform’s addition of Etheurem in the beginning of the year.
The price of Ethereum has jumped from about $15 USD per Ether (ETH) to over $65 today in just the past two months. This is reflected in 90% of Ethereum traders buying the asset since it was launched on eToro. Meanwhile, 80% of Bitcoin traders have been buying up the cryptocurrency for a consecutive fifteen months, eToro notes.
It should also be noted that eToro provides a feature called “copy functionality.” This lets novice users copy the trading strategies of its most successful cryptocurrency traders.
‘Cryptocurrency is the Future of Forex’
Commenting on this impressive growth, Senior Markets Analyst at eToro, Mati Greenspan, believes that “Cryptocurrency is the future of forex.”
[O]ver the last 12 months we’ve seen a 4x growth in traders accessing this market. But the volume of trading has exploded even more than this, with a huge 4,500% jump.
As the total cryptocurrency market capitalization recently passed $30 billion, Greenspan explained, that its users have been reaping ‘significant rewards’ from this jump in prices and a nascent market that has doubled in just the past four months.
“The rapid growth in the adoption and price of cryptocurrencies only marks the first few steps on the long-journey to establishing cryptocurrencies as a dominant force in forex trading,” he continued.
We expect cryptocurrency trading volumes to get much bigger over the coming years.
As Bitcoin is once again above Gold market price, surging to record highs, the cryptocurrency market should continue to attract even more traditional investors looking for the next big thing.
Recent news of the Securities and Exchange Commission (SEC) willing to review its rejection of the Winklevoss Bitcoin ETF is just the latest in a string of positive news for traders to be bullish on Bitcoin and cryptocurrencies as a whole.
Will the cryptocurrencies market continue to attract traditional investors or will we see another repeat of the dot-com bubble? Share your thoughts below!
Images courtesy of Shutterstock, Twitter, eToro
Riding the wave of recent positive news for Ripple, the XRP token is roaring with a 200% price surge over the weekend as the cryptocurrency market is reaching higher highs. But is Ripple for real or is it being fueled by confusion among new investors?
Is Ripple For Real?
Jokes were abound this weekend as the cryptocurrency industry embraced April Fool’s Day in usual fashion. Meanwhile, Ripple experienced a serious surge with its market cap soaring from $360,000 USD to over $2.3 billion.
The price of Ripple XRP token experienced a whopping seven-fold increase in the past few days, and easily outperformed recent stalwarts such as Dash, Monero and the SegWit hopeful Litecoin in the past week. Even Bitcoin, which managed to break the $1,100 barrier on news of becoming a legal form of payment in Japan, could not match yesterday’s 200% rise.
“We are pleased to join Ripple’s Global Payments Steering Group,” said Hirofumi Aihara, General Manager, MUFG Digital Innovation Division. “…Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”
Ripple is positioning itself as a cheaper payment network, particularly for large banks and enterprises, with a much higher throughput compared to Bitcoin. CEO Brad Garlinghouse explained that Ripple could rival traditional systems such as Visa with nearly 70K transactions in just 3.7 seconds and at a lower cost than Bitcoin.
3. Avg XRP fee: $0.00031. Avg BTC fee: $0.48. #fasterandcheaper
— Brad Garlinghouse (@bgarlinghouse) March 31, 2017
However, the token might be setting up for a reality check as some believe the price surge has been fueled by a “misunderstanding.” Critics on Bitcointalk.org reacted to the meteoric rise, pointing out that Ripple, the company, is not the same as the XRP token and its Ripple Consensus ledger.
According to Ripple, its Global Payments Steering Group (GSPG) is where “leading banks are working with Ripple to reduce the time and cost of settlement, while also enabling new types of high-volume, low-value global transactions.”
By coming together to form the GSPG, these banks are laying the foundation for a new payments network, underpinned by Ripple’s solutions and supported by rules and governance for global settlement.
In other words, new demand for the XRP token could merely be speculative at this point as banks would be able to bypass transactions on the Ripple Consensus Ledger with their own Ripple-inspired platforms.
The commentator also noted:
Check the volumes, [Poloniex] currently stands for $150M+ volume, RCL only 20. What now is happening is a pump, driven by people misunderstanding the news.
The Rise and Rise of Cryptocurrencies
Overall, April is getting off to a hot start for cryptocurrencies as the total market capitalization is now a record $27 billion. It has been on an uptrend, particularly accelerating as of late following the rejection of the COIN Bitcoin ETF in mid-March.
Though Bitcoin price has remained relatively stable oscillating between $900 and $1,200 amid scaling uncertainty, its overall dominance of the market has seen a huge drop from 84% to 68%.
Nevertheless, while the rejection of the first ever ETF might be seen as a setback for Bitcoin to some, the media attention received in the run-up to the decision appears to have attracted new investors to the crypto space as a whole.
What is the real cause for Ripple’s price rise? Is Bitcoin waning dominance a temporary phenomenon? Let us know in the comments below!
Images courtesy of coinmarketcap.com, Shutterstock, twitter, MUFG
Bitcoin Unlimited’s ghostly new asset BCU is already evaporating on the two exchanges hosting it, having reached an all-time low since its launch.
BCU Drops 30% in a Week
BCU is currently trading at $180 per coin, or 0.177 BTC, versus $254 and 0.254 BTC respectively seven days ago.
The underwhelming performance appears to have done little to alter the mindset of the Bitcoin scaling debate’s major parties, with Bitcoin Unlimited proponents dismissing Bitfinex’s trading pair when it launched.
With HitBTC now following suit, however, it appears the natural trend for BCU is down prior to its actual conception, which would only occur in the event of a hard fork March 31.
In a blog post over the weekend, HitBTC explained the reasoning behind adding the pair was to “provide [users] with the tools for avoiding any risk.”
The exchange has further blocked withdrawals until around 48 hours after the deadline, ostensibly to avoid exposure to replay attacks. Existing and future user balances are currently duplicated in BCU as well as BTC, effective immediately.
The move attracted criticism from Reddit commentators, along with the content of the blog post itself, which stated Bitcoin Unlimited pool support “could become the majority.”
Core nodes currently account for over 90% of the network.
Armory Signals Core Support
Bitcoin Core meanwhile has compiled a list of known companies and services which have signalled or are already preparing for Segregated Witness activation.
112 names from throughout cryptocurrency, including Coinbase and Armory in addition to Bitfinex, are currently registered.
Of the total, 57 are described as “Segwit ready,” 30 as being in a state of “work in progress” and the remaining 25 “planned.”
Armory itself released a dedicated announcement on its Core adherence, stating it “does not support any controversial hard forks such as Bitcoin Unlimited and will continue to support Segregated Witness and Bitcoin Core.”
In the event BU becomes a bonafide chain, however, developer Andrew Chow said the service would be compatible.
“…The Armory wallet software does not perform any consensus checks as it relies on its connection to a local Bitcoin node. This node is typically Bitcoin Core, but anything based upon that will work as well; this includes Bitcoin Unlimited,” he said.
“Thus should a hard fork occur, […] Armory will be compatible with the hard fork and will allow users to continue to transact on the forked network.”
Bitcoin can’t fork and won’t fork.
— Wang Chun (@f2pool_wangchun) March 27, 2017
Chances of a hard fork actually occurring are at the same time themselves decreasing. Wang Chun, head of major mining pool F2pool, tweeted Monday that he – and therefore his pool – would not countenance such a change.
What do you think about BCU’s performance? Let us know in the comments below!
Images courtesy of Twitter, Armory, cryptocoincharts. Shutterstock
Bitcoin has suffered back-to-back losses, losing over 7% in value on Friday and over $2 Billion in market cap over the last 48 hours. Bitcoin price has fallen under $1100 USD for the first time in almost a month. Here, we break down the reasons and the industry fallout.
Apparently, the most powerful companies in the Bitcoin community feel a hard fork is becoming all but inevitable. Their statement surely stunned the investment market. Many of the world’s leading Bitcoin exchanges, including Bitfinex, Shapeshift, BTCC, Kraken, Bitstamp and ten others put out a statement detailing their contingency plans if the Bitcoin Unlimited fork against Bitcoin is launched. Here is an excerpt of the statement (you can view in its entirety here):
If a contentious hard fork occurs, the Bitcoin Core implementation will continue to be listed as BTC (or XBT) and the new fork as BTU (or XBU), but not without adequate replay protection. We do this not out of judgment or philosophical reasons but rather for practical and operational considerations.
WHO WINS IN THIS SCENARIO?
Who is benefiting the most from this issue is up for debate, but some are telling the mainstream media that Ethereum is the most direct beneficiary, as Ethereum has been moving up in leaps and bounds recently.
Aurélien Menant, CEO of Gatecoin, told CNBC:
Bitcoin traders may have wanted to offset some of their exposure should a fork occur or the scaling deadlock continues, and ether seems to be the most promising alternative. Bitcoin-ether volumes have surged since and are currently rivaling bitcoin-fiat currency trading liquidity.
In my opinion, people are using Dash as a hedge against Bitcoin forking drama, and the numbers from yesterday bear that out. Gold and Ethereum prices hardly moved, Bitcoin lost about 10% in value while Dash gained over 11%, at the time of this writing, and passed $101 earlier in the day. Since the Enterprise Ethereum Alliance was announced a month ago, ETH value has taken off. The timing of the fork debate may be coincidental.
LOOK WHO SHOWED UP
There was a very interesting quote about the potential hard fork from an unexpected source yesterday, as former Mt. Gox chief Mark Karpeles added this Tweet to the ecosystem:
In case of #bitcoin hard fork, exchanges will have to suspend BTC withdrawals and move coins to avoid TX replay attacks.
— Mark Karpeles (@MagicalTux) March 17, 2017
Regardless of who wins or why it is hard to take yesterday’s events as a positive turn in the narrative, Bitcoin may end up better off if a split leads to adoption of additions like Segregated Witness, once upgrade dissenters leave the system to form what would become an altcoin. Ethereum has flourished since their fork last year, so all may not be lost, in the event of what may be inevitable. At least according to some of the biggest players in the market, we look like we’re headed for a fork in the road.
Will the price of Bitcoin rebound? Who do you think is benefitting the most from the current scenario? Let us know what you think below.
Images courtesy of Bitcoin Average, 121 Tech Investment, AdobeStock
Altcoin markets continue an unprecedented rise as downward pressure on Bitcoin is blamed on China and continued community indecisiveness.
Community ‘Should Be Punished’ For Not Reaching Consensus
As Bitcoin lost almost 8% in the 24 hours to press time, Ethereum passed $50 USD per coin, appearing to embark on an exponential run similar to that only just witnessed from Dash.
Monero, currently the fourth largest cryptocurrency in terms of market cap, also enjoyed rapid growth to double in value in two weeks, despite volatility.
With many popular altcoins having a great week across the board, Bitcoin’s Dominance Index has dropped to as low as 71% according to Coincap.io with its percentage of Total cryptocurrency market cap has hit an all time low.
“I think the market is going to punish the [Bitcoin] community for not reaching consensus. As it should,” commentator Vinny Lingham wrote on Twitter in response to whether or not to buy BTC at the lower price.
.@ohmymyMichael No. I think the market is going to punish the community for not reaching consensus. As it should.
— Vinny Lingham (@VinnyLingham) March 17, 2017
The comments imply a price dip could be protracted or even worsen if no consensus regarding a scaling solution is reached.
Lingham also took to Medium this week in a bid to provide further evidence that activating SegWit was the only solution.
After Bitcoin Unlimited suffered a bug-based attack, Lingham was critical of hard forks, insisting that a soft fork – SegWit – was superior. He wrote:
I believe that the adoption of Segwit right now is imperative in order for us to get to the next stage in the evolution of Bitcoin and remove the risks of a contentious Hard Fork.
China Trepidation & Record Low Market Cap
China meanwhile is also back in the spotlight as further information regarding the future of Bitcoin regulation in the country is expected imminently.
People’s Bank of China director Zhou Xuedong had previously stressed the need to adopt a balanced approach, which he said would future a “forgiving attitude” to exchanges while continuing supervision and not crossing “certain red lines.”
A legislator behind China’s new civil law code further hinted at what may lie in store this week, referring to Bitcoin as “virtual movable property.” Yang Lixin drew similarities to websites in his analogy, which he described as “virtual immovable property.”
— cnLedger (@cnLedger) March 16, 2017
The effects of altcoin popularity meanwhile are becoming clear. Bitcoin’s market capitalization has fallen 17% in 2017, with the majority of the drop in the past month.
What do you think about the altcoin boom and Bitcoin stagnation? Let us know in the comments below!
Images courtesy of coinmarketcap, twitter, shutterstock
When you’re hot, you’re hot. Many people have been asking me over the last couple of days “Where can I buy Dash?” The digital currency industry’s newest rock star is ‘in play’ and consumers’ prayers have been answered. Altcoin Dash has been added to new exchanges and new purchase pairings on Friday.
Bitfinex & BTC-e Extend Support for Dash
Dash price has skyrocketed over the last week, rising from $25 USD to as high as $58 before leveling out at just under $50 today. The ability to purchase Dash has not been ubiquitous amongst all exchanges, but it has been available on Poloniex and some others.
With demand and market cap growing daily, other exchanges are responding, including the largest digital currency exchange for the USD market, Bitfinex.
— Bitfinex.com (@bitfinex) March 3, 2017
Europe’s BTC-e has also raised their Dash investment game, looking to capitalize on its recent success by adding more currency pairings:
New pairs added (DSH/EUR, DSH/RUR, DSH/LTC) #btce
— BTC-E (@btcecom) March 2, 2017
“The partnership is recognition of the way the market has been responding to Dash’s vision and roadmap,” said Dash VP of Business Development, Daniel Diaz. “I am a firm believer that the free market will always recognize true value when growth and performance (are) sustained over long periods of time.”
Partnering with Bitfinex is a very important step for Dash as we look to provide good, regulated on and off ramps to the network that really make user applications easier.
Dash has had an off-and-on relationship with Bitfinex, mostly due to demand, as it has been struggling with demand ever since it burst onto the scene in 2012 as XCoin, then made a splash as Darkcoin, before rebranding to Dash in 2015.
Dash has seen positive press throughout Q1, including its partnership with Wall of Coins It is now the third highest valued digital currency in the world, by market capitalization, behind Bitcoin and Ethereum.
“Bitfinex is extremely excited to be adding Dash to our exchange,” said Bitfinex Chief Strategy Officer Phil Potter. “Dash is currently experiencing its breakout moment right now and we want to be able to provide our growing customer base with seamless access to one of the rising stars in our space. Bitfinex prides itself on being the world’s largest digital asset exchange by USD. We expect an incredibly strong market for Dash and we look forward to a tremendous partnership with their team.”
Will additional support by global exchanges help Dash maintain its current momentum?
Image courtesy of Bitfinex, Shutterstock
After a slow or turbulent start of 2017, the global cryptocurrency market picked up the pace and really hit its stride in the month of February.
Momentum. That seems to be the word that best describes February as nearly every top decentralized digital currency has seen growth and reasons for optimism as Spring approaches. Let’s review what the state of affairs is for the top five cryptocurrencies as they head into March.
February: Bitcoin Best Performing Asset Again
The market leader had a much less volatile month, after seeing swings from $1,100 USD to $775 USD early on in January. Over the last four years, Bitcoin has proven to be very cyclical and consistent, with January always being a month of great swings in value.
Now, that regulations in China have been levied, Bitcoin has seen consistent growth, adding 30% in market value for the month, easily beating mainstream indices like the S&P 500 (4%) and the Dow Jones Industrial Average (5%).
With optimism, or speculation, about the March 11th SEC decision on the Winklevoss ETF looming, Bitcoin remains near its all-time high at about $1,195 USD with a market cap of well over $19 billion.
Will a defeat cause Bitcoin to go into a tailspin in March?
Ethereum Enchants Enterprises
The young smart-contract-based blockchain is doing very well in 2017, almost doubling in market value since January 1st. If anything, ETH has been a model of consistency so far; consistent gains. According to CoinMarketCap, ETH has gone from $7.99 at the start of the year, to about $10.70 on February 1st to $15.75 today, nearly doubling in value in the first two months of the year.
The Enterprise Ethereum Alliance, officially announced yesterday, which includes mainstream superpowers like ING, Microsoft, JP Morgan, and Intel should only enhance Ethereum’s market value and attract new partners in the future.
The only major player doing better than Ethereum right now is Dash, which has recently jumped from out of the top five in market cap to third behind the aforementioned. Dash has gained an astonishing 68% within just the last week alone and has more than tripled in value sine January 1st.
The new Dash 12.1 release (Sentinel), a new mainstream agreement with payments provider BlockPay, and positive feedback from “Bitcoin Jesus” Roger Ver have bolstered its value in Q1.
Ripple & Litecoin Lackluster
Ripple made news last year as a potential future replacement for the vaunted SWIFT international banking payment network but has generated little buzz since. Litecoin also has fallen on hard times, with an inability to capitalize on Bitcoin’s demand.
It appears that investors are flocking to Dash and Ethereum instead, as Litecoin hangs on the vine, falling form second-best behind Bitcoin, to barely in the top five ahead of Monero. Somebody call the PR Department, STAT.
Which will be the best performing currency in 2017? Share your thoughts below!
Image courtesy of Enterprise Ethereum Alliance, Shutterstock, Coinmarketcap.com