The cryptocurrency total market capitalization is now $97 million over the elusive $300 billion USD, a figure last seen in July 2018. Last year the mark signaled the continuation of the bear market across the cryptocurrency market. The market capitulated through 2018, culminating in December when the total market cap crossed below the $100 billion mark.
One big factor for the fall in total market cap (despite the number of tokens increasing) is Bitcoin’s price plummeting below the $3,500 USD mark and finding its support in that region.
The Cryptocurrency Market Clears $300 Billion
The start of 2019 brought along good vibes in the cryptocurrency market and with the market crossing over the $300 billion before the end week. The communities are more optimistic this time than in July 2018. We have witnessed BTC’s resistance levels broken one after another during the year with the price setting higher highs, Binance coin (BNB) became the first coin in the top 100 to break its all-time high and Ethereum (ETH) is closing in on $300 USD.
The unfiltered total daily trading volumes across exchanges listed on Coinmarketcap hit the $65 billion USD mark in the past 24 hours. However, across the top ten exchanges (who do not conduct trading volumes manipulation) that number stands at $6 billion an indication of manipulation of trading volumes across some exchanges. The daily trading volume extrapolated may land the figure to around $10 – $20 billion USD, which is still pretty impressive.
Bitcoin powers the cryptocurrency market
In a matter of weeks, the price of Bitcoin has moved from below $3,500 USD to trade at $9,725.63 USD across major exchanges today. The pioneer cryptocurrency moved up 4.63 percent in the last 24 hours pushing the rest of altcoins up too.
As seen on the chart above, the price of BTC has almost tripled since January 1st this year. The coin’s trading volumes have also boosted through the year as daily trading volume stands at $19,737,543,552 USD, up 320% from January’s average. Bitcoin is bossing the dominance charts as well contributing $172 billion USD to the total market capitalization, representing 57.8% dominance.
Bitcoin faces a tough race as altcoins keep rising
If you have a long term history in trading cryptocurrencies, you may have noticed a relationship between Bitcoin’s price cycles and other altcoins. The rule from the relationship is simple: “Hold Bitcoin (BTC) during bull and bear runs, hold altcoins during the indifference periods.”
The growth of altcoins in 2017 brought an ICO wave that saw a multitude of coins launched with the hope of becoming the next bitcoin. While some succeeded in beating the overall returns of Bitcoin during the Bull Run, none yet has dethroned BTC as the top cryptocurrency. Very few altcoins have been able to beat BTC’s returns this year, with only four tokens in the top ten beating the coin.
Ethereum (ETH) has seen positive growth through the year after announcing the Constantinople hard fork. ETH is currently trading at $286 USD, representing a 120% hike in price since January. The coin’s market capitalization stands at $30,511,214,730 USD.
Ripple (XRP) is the third largest coin with a market capitalization of $18,653,610,837 USD trading at $0.43 USD per token across major exchanges.
- Source: First Appeared Here
- Published Time: 2019-06-21 14:48:54
The views and opinions expressed in the article [Newsflash] Crypto Market Cap Eclipses $300 Billion as Bitcoin Nears $9,900 BTC/USD do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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