In the latest development, the price of Bitcoin had crossed $3,900 and moving towards the level of $4,000 when the last report came in. This growth indicates that perhaps the crypto market is approaching towards the bull phase although the future price movement will ultimately decide whether this observation is true or not.
According to an analysis by Adrian Zmudzinski on Cointelegraph, most of the cryptocurrencies in the top 20 list have recorded slight gains with Bitcoin approaching the level of $4,000 at the press time. Bitcoin, which is the largest cryptocurrency by market capitalization, had recorded the gain of around 1% in the last 24 hours and was trading at $3,960, according to CoinMarketCap. The performance of Bitcoin is even better every week considering the mark of $3,851 from where it started last week. Some degree of enthusiasm had returned for Bitcoin earlier when the chief executive officer of the Twitter, Jack Dorsey, revealed during a podcast that he was investing quite heavily on Bitcoin and spending $10,000/week on it.
In terms of market capitalization, Ethereum continues to cement its second place with a total market cap of around $14.4 billion. On the day, Ethereum recorded a marginal loss of 0.15% and was trading at $138 at the press time. However, in terms of weekly performance, the coin has recorded a gain of 2.5% over its value of $133 at the start of the week. Electric capital, a company working in the domain of asset management, has recently reported that Ethereum has the highest number of developers managing the core protocol of the coin per month than any other digital currency.
Ripple is the third largest cryptocurrency with a market cap of around $13 billion. The trading value of the coin, when the last report came in, was at $0.314 and every week, the currency has recorded a loss of around 0.5%. The chief executive officer of the Ripple, Brad Garlinghouse, recently commented on the digital coin developed by the JP Morgan and claimed that it doesn’t have interoperability and hence, it cannot compete with XRP.
Crypto Industry Market Cap
In terms of the total market capitalization of cryptocurrencies, the values have gone up from $130 billion to $135 billion in a week which translates into a growth of around 10%. Nem (XEM) is the largest gainer among the cryptocurrencies as its value has registered an increase of 10% at the press time. More specifically, the data from the CoinDesk revealed that Bitcoin opened at $3,854 on a previous day and since then achieved the lowest value at $3,836 and the highest of $3,948. Just so you know, the data from the CoinDesk is based on the average of the numbers from the different exchanges. This technique allows the prices to be more accurate rather than depending only on the value of one particular exchange.