The overall value of the global cryptocurrency market kasstuk an all-time high of $820.6 billion on Monday, up $9.6 billion from the $812 billion recorded the previous day, gegevens from CoinMarketCap displayed. From January 1, the cryptocurrency space has expanded by 27 procent or almost $2220.07 billion from the recorded $ 598.53 that day.
Which #cryptocurrency do you expect to have the largest value increase ter 2018?
But ter just a few hours, cryptocurrencies slumped again, decreasing the market cap by almost 100 billion, to around 720 billion, te another test of resilience.
The cryptocurrency market has rebounded and more than doubled ter value after it kasstuk its low of $418 billion on December 22. The market is growing exponentially spil the prices of non-Bitcoin cryptocurrencies surged, and more projects are expected to be launched this year.
Bitcoin remains the top money-maker and the undisputed leader of the cryptocurrency space. BTC traded at $16,191 on Monday after peaking at almost $Nineteen,500 last December 16. However, with its market capitalization of almost $272 billion, Bitcoin still has a 33.1 procent dominance of the digital currency space, down from 50 procent te December.
Rise of Altcoins Pushing Cryptocurrency Growth
The downward slide of Bitcoin also eyed the rise of other altcoins. One of the promising cryptocurrencies is Ripple&rsquo,s XRP which surged 42.95 procent overheen the past seven days and is now the 2nd largest cryptocurrency by market capitalization, with a market value of overheen $126 billion. Ripple XRP traded at $Three.25 on Monday.
Ethereum breached the $1,000 milestone te late December, making it the third largest cryptocurrency by market cap, with a market value of overheen $118 billion. The digital currency traded at an all-time high $1,218.
What is Market Capitalization?
The market cap of cryptocurrencies may create confusion. This number is not actual money making the rounds, spil trading volumes are still much lower compared to stock and commodity exchanges. The actual inflows of money te cryptocurrencies is also lower. Ter the case of some up and coming assets, an inflated market cap may have a very taut knelpunt when it comes to actually selling the digital asset for a high price.
So market capitalization remains just a statistic, and not actual economic value which has moved into cryptocurrency. With only a fraction of the assets being traded, valuations may switch te case of more active selling.