Cryptocurrency Market Hits $300 Billion

Jul 25, 2018 at 04:59 Update Date :Jul 25, 2018 at 04:59 UTC

For the first time since mid-June, the cryptocurrency market cap has crossed the $300 billion mark. The last time this happened was June 13, which saw the index at a six-week high. Since then, more the $30b has been added to the market last week, and over $60b the last month.

Bitcoin remains the primary player in this rally, having crossed the $8000 mark a shortly before the milestone was reached. BTC currently holds a market cap of about $141 billion, which means it has made a weekly increase of almost 20%, and now holds 47% of the total market share.

Several analysts are of the opinion that the current rally is a sign of investors having begun to take a “tangible interest” in the assets, seeing their future potential. Notably, this new milestone correlated with an increase in the prices of digital currencies. While altcoins normally rise and fall in tandem with Bitcoin, that trend has now shown a demise which has enabled Bitcoin to hog the market shares.

However, today every top-tier altcoin has risen against the USD, despite having lost ground to Bitcoin.

Ethereum and XRP gained 4% and 3% respectively, now at values $481 and $0.47. Bitcoin cash, EOS, and Stellar have shown gains of about 6% each, whereas Litecoin managed a 4% for the day. The current values of XLM and LTC are $0.3 and $88 respectively.

Tron, which is currently ranked 10th, showed a surge of about 11%, higher than Bitcoin by a full four percent. This has the raised the TRX market cap to $2.5 billion.

The two most dismal performances among the top 10 digital currencies were displayed by IOTA and Cardano. Neither tokens managed to gain more than 3% against the USD.

Leave a Reply

Please Login to comment
  Subscribe  
Notify of