Uncategorized Cryptocurrency's Market Cap Rises Above $100 Billion

Cryptocurrency’s Market Cap Rises Above $100 Billion

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The market cap of all digital currencies has once more risen above $100 billion today after nearly a month at lower levels following what appears to be a recent bottom of around $60 billion.

24 hour trading volumes appear healthy at just above $2.5 billion, close to half its all-time high of around $6 billion reached in June this year.

Cryptocurrency's Market Cap Rises Above $100 Billion
The current market cap of all cryptocurrencies.

The picture is mixed today in gains and losses. Bitcoin is up around 4% while ethereum is down some 1%. Litecoin is up slightly while Bitcoin Cash has experienced the greatest loss of all currencies in top 100, down 35%.

That’s likely because BCC/BCH deposits are now being opened in exchanges, leading to the initial sell-off or its anticipation, with many probably on standby waiting to see just how cheap it can go.

Cryptocurrency's Market Cap Rises Above $100 Billion
The current top 14 digital currencies.

As you can see by the price action, today’s favorite is IOTA, NEO and QTUM. We haven’t examined much in detail either of them, but a very quick cursory look of IOTA left us slightly confused because they don’t even have blocks in the blockchain.

QTUM is a new blockchain coming from China. They landed a deal with the world’s biggest freight company early on, but are competing in a very crowded place.

As is NEO, former Antshares, a likewise China based project. It seems to be today’s trader’s chatter as they are re-branding, launching NEO 2.0 on August 8th, which will have full smart contracts, upgrading from the current limited smart contracts functionality.

Both compete in many ways with ethereum, but it’s not clear what either has to offer above eth in concrete technical aspects to compensate for the far greater resources ethereum currently enjoys.

However, everyone is in the look-out for that next big thing in the great amazon of cryptocurrencies where lions rise and snakes bite, elephants scare and get scared in turn by just a mouse.

That great creation of evolution where birds have flashy colors and flowers can be carnivores. Where the unexpected is expected as the millennial generation now rises.

 

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