link2205 link2206 link2207 link2208 link2209 link2210 link2211 link2212 link2213 link2214 link2215 link2216 link2217 link2218 link2219 link2220 link2221 link2222 link2223 link2224 link2225 link2226 link2227 link2228 link2229 link2230 link2231 link2232 link2233 link2234 link2235 link2236 link2237 link2238 link2239 link2240 link2241 link2242 link2243 link2244 link2245 link2246 link2247 link2248 link2249 link2250 link2251 link2252 link2253 link2254 link2255 link2256 link2257 link2258 link2259 link2260 link2261 link2262 link2263 link2264 link2265 link2266 link2267 link2268 link2269 link2270 link2271 link2272 link2273 link2274 link2275 link2276 link2277 link2278 link2279 link2280 link2281 link2282 link2283 link2284 link2285 link2286 link2287 link2288 link2289 link2290 link2291 link2292 link2293 link2294 link2295 link2296 link2297 link2298 link2299 link2300 link2301 link2302 link2303 link2304 link2305 link2306 link2307 link2308 link2309 link2310 link2311 link2312 link2313 link2314 link2315 link2316 link2317 link2318 link2319 link2320 link2321 link2322 link2323 link2324 link2325 link2326 link2327 link2328 link2329 link2330 link2331 link2332 link2333 link2334 link2335 link2336 link2337 link2338 link2339 link2340 link2341 link2342 link2343 link2344 link2345 link2346 link2347 link2348 link2349 link2350 link2351

Tag: nen

Billion Dollar Cryptocurrency Club Swells to Six Members

Billion Dollar Cryptocurrency Club Swells to Six Members

Billion Dollar Cryptocurrency Club Swells to Six Members

Bitcoin’s market cap surpassed $37 billion today when the price hit $2271.16, commanding more than a billion in trade volume in a 24-hour period, according to coinmarket.com. The total value of the coin market is now at $81.3 billion, as the last two days added more than $10 billion to the capitalization.

Bitcoin’s value has almost doubled in the last month, even while its market share has fallen below 50%, thanks to the gains of other cryptocurrencies. Bitcoin’s gains have been steadier than most of the altcoins, but collectively, altcoins are rising at a faster pace.

Asian Trading Remains Key

Rising demand for bitcoin by Chinese and Japanese investors combined with falling stocks and other factors to push bitcoin to new heights. Because the Japanese yen holds the largest share of bitcoin trading, Asian trading pushes the prices higher.

The Nikkei Asian Review today reported, “Bitcoin going mainstream as Japanese business signs on,” signaling bitcoin’s growing popularity in Japan, which recently recognized bitcoin as a method of payment.

Asian interest in bitcoin increasingly carries over to other currencies, as indicated by the gains for Ripple and NEM, the two most popular altcoins in Japan in terms of demand and trading volumes.

Japanese regulators also decided to abolish the 8% consumption tax on transactions of bitcoin bought from exchanges, which is set to go into effect in July this year.

Progress On Scaling Continues

Today’s announcement that a majority of bitcoin miners have reached a consensus to deploy the Segwit2Mb protocol upgrade for bitcoin also bodes well. Bitcoin’s rise has benefited from an alleviation of the fear that a “hard fork” will be needed — dividing bitcoin into two currencies — to improve bitcoin transaction times. A successful deployment of an alternative scaling solution indicates the hard fork that would have resulted in two separate currencies in order to speed up bitcoin transactions may not be required.

Wences Casares, CEO of bitcoin wallet Xapo and a member of PayPal’s board of directors one bitcoin would hit $1 million before the next ten years while speaking at the Consensus 2017 conference in New York.

Ethereum Continues To Amaze

Ethereum, the largest altcoin, hit more than $16 billion market capitalization with a $179.68 price, followed by Ripple at more than $13 billion. The top three cryptocurrencies — bitcoin, Ethereum and Ripple — are the only players to boast more than $10 billion market cap.

Ethereum has witnessed the fastest growth of any digital currency ever. Not even two years old, the platform is now worth more than $16 billion with its trading spaces consistently attracting more online active users than even bitcoin’s.

Ripple, designed for enterprise use and can be used by institutions for on-demand liquidity for cross-border payments, also continues to post rapid gains. Banks and payment providers that use XRP will secure better access to emerging markets at lower settlement costs.

Ripple recently committed to placing 55 billion XRP in a cryptographically secure escrow account at the end of the year, addressing concerns that it will eventually sell its 61.68 XRP as it seeks to strengthen XRP’s exchange rate against other currencies.

NEM, number four commands a $2.299 billion cap, followed by Litecoin at $1.575 billion and Ethereum Classic at $1.02 billion.

There are now six cryptocurrencies with more than $1 billion market caps.

Altcoins Keep Shifting Position

Aside from bitcoin, the rotation shifts fairly frequently among the billion dollar players. A day ago, Litecoin, Monero, and Dash displaced Ethereum and NEM, with gains of 15%, 20%, 25%, respectively.

NEM, number four, commands a $2.299 billion cap, followed by Litecoin at $1.575 billion and Ethereum Classic at $1.02 billion. There are now six cryptocurrencies with more than $1 billion market caps.

NEM has also made significant gains over the past few months. A major factor that has allowed NEM to transform into one of the most popular altcoins in Japan is its development team and company composed of Japanese founders and talents. NEM was initially developed and introduced in Japan by Makoto Takemiya, the co-founder and CEO of Soramitsu, the company that has also introduced the Iroha blockchain project to the Linux foundation’s Hyperledger Project.

Litecoin, one of the oldest altcoins, gained visibility this month because of its successful activation of SegWit, a scaling solution that circumvents the need for a hard fork.

 

David Ogden
Entrepreneur

 

Author Lester Coleman

Alan Zibluk Markethive Founding Member