With Altcoins Diving, Bitcoin Helps Crypto Market Sustain $200 Billion CapNovember 6, 2017 4:38 pm
The cryptocurrency market has had an adventurous week, with bitcoin prices approaching the $7,500 plateau and nearly $10 billion worth of trading occurring and the market cap for cryptocurrency reaching a record $200 billion, Cointelegraph.com reported.
Altcoins haven’t been so luck as the cryptocurrency has hit a downward slide, the report said.
For instance, last Thursday (Nov. 2) seven of the top 10 Cryptocurrencies took a massive dip while Bitcoin only continued its upward trend, the report said. The ones that didn’t dip include Bitcoin, Bitcoin Cash and Ethereum Classic.
On that day, Bitcoin’s sway of the market reached $125 billion of the $200 billion, the report said, and it was this more than 60 percent hold of the market that managed to keep the cryptocurrency ecosystem above $200 billion.
Currently, the report said, there are only two cryptocurrencies worth more than $10 billion. Ethereum still sits in second place with a total valuation of just under $28.5 billion. Bitcoin Cash is still third, but its cap lost nearly $1.3 billion after its own value was inflated by speculation then dropped.
The market cap of the cryptocurrency market does look impressive, the report said, but relatively it is still small. What continues to be impressive is the speed of its growth. Going from less than $20 billion on Jan. 1 all the way to $201 billion on Nov. 5 is incredibly remarkable.
When the market cap starts flirting with the trillion mark, it will then be attracting some major attention.
– WN.com, Jack Durschlag