Cryptocurrency Market Surge Past $750 Billion Valuations, Bitcoin’s Contribution at Record Low
The cryptocurrency market valuations are at record high levels currently and at the press time the overall market valuations and at $752.10 billion. After undergoing a major correction in the third week of December 2017, and falling below $450 billion, the markets have climbed up at lightning fast speed by $300 billion in just past fifteen days.
All thanks to altcoins who are leading the charge, and for the very first we are seeing that the overall market momentum is not dependent on the Bitcoin price fluctuations. Bitcoin, which was the centre-of-attraction for crypto investors in 2017 has undergone some major correction and is seen heavily consolidating around $14,000 levels.
Moreover, another interesting fact is that Bitcoin’s contribution to the crypto markets has dropped at a record low which is now below 34%. This shows that fact that customers have started gaining confidence in the fundamentals of other cryptocurrencies in the market. Out of many altcoins listed, Ethereum and Ripple have turned out to be the hot picks of investors and both of them share major contribution to the latest rally in crypto markets.
Ethereum price is currently on its record high as it has managed to surpass the $1K mark for the very first time as well hitting $100 billion market cap. In past one month, the price of Ethereum has surged by almost 150% to achieve this new milestone. The rally in Ethereum price is contributed with huge buying orders coming from Asian markets like South Korea, Singapore and Tokyo. Th Ethereum foundation has just announced a huge grant to developers for working on its developments projects for scaling research.
Another altcoin that has witnessed a crazy bull run is Ripple. Ripple’s price started moving northwards in mid-December 2017 when the banks of South Korea and Japan announced that they are conducting tests for fund transfers using the Ripple technology. Additionally, Ripple in partnership with Japan’s SBI Holdings announced the formation of a “consortium” with a few credit card companies to use Ripple’s blockchain technology. Since then, Ripple has been on an unstoppable journey till now and is currently trading above $3 with a market cap over $120 billion.
In addition to this, there are some other altcoins which are not quite famous but have surged considerably in the past one month. Litecoin had a phenomenal year with its price going to a high of $350 last month. Dash too has appreciated significantly in the last year. Much recently, Stellar and Tron are hogging the limelight making significant up moves in the cryptocurrency rankings.