Cryptocurrency Monday Round-Up

Cryptocurrency Monday Round-Up is here. It has been yet another interesting start to a week in the world of Cryptocurrency. The old saying that a rising tide lifts all ships seems apt in this situation.

As has been seen in recent months as bitcoin has continued hitting record highs as the main standard bearer for Cryptocurrency, altcoins are making serious gain as well.

Over the days of this past weekend, the combined market cap for altcoins went past $100 billion, which is a first and at the same time as bitcoin reached a new record high of $8,100. The combined number of coins that have a market cap of more than $1 billion has risen to 13.

This is why you will not be surprised to learn that the entire market cap for Cryptocurrency has once again reached new heights. You will see that the total market cap for Cryptocurrency in now at approximately $239.6 billion which shows that there has been a gain in 24 hours of nearly 2.5%, as well as a rise of 20% in a week.

Bitcoin reached a temporary high on Sunday evening before falling back slightly to $8,033 which is its current value. This means that it saw a daily rise of 3% and its market cap went to $134 billion.

This comes after a week of up trending last week where the rises were attributed to Wall Street investors who are bullish about Cryptocurrency and are ready to get involved in the ecosystem through a variety of different investments.

Ethereum also looks to be trending towards reaching a new all-time high in the near future. It is currently stabilising and at the moment is the second biggest Cryptocurrency on the market, having a current value of $358. At the moment, the market cap for ethereum is in and around $34.3 billion.

While ethereum has had some bumps in the road in recent times, it saw a resurgence in price during the middle of November. Over the last 7 days there has been a rise of roughly $40 and there are many experts, such as the billionaire manager of a large hedge fund, Mike Novogratz making the forecast that this price will continue to rise, even possibly going past the $400 mark that it has been striving for in recent times.

Today also saw the total market cap for altcoins reach historic levels. At the start of 2017 they had a combined market cap of only $2.2 billion whereas it has seen explosive growth and has risen by 5,000%, being worth close to $105.2 billion at this moment in time.

The main reasons for this rise has been down to ethereum as it has seen its price increase by more than $350 since the start of the year, as well as the many ICOs of ethereum type products leading to the introduction of billions of dollars into the world of Cryptocurrency and with more mainstream investors getting involved in the markets.

This isn’t to say other altcoins have not played a large role in this rise, as many of them continue to grow strongly. It is an exciting time for the ecosystem that is cryptocurrency and it is a space well worth keeping your eye on.

 

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