As the weekend almost draws to a close, all eyes are on the various cryptocurrency and digital asset markets. With Bitcoin in the green, most other assets and currencies lose BTC value, yet gain a bit in USD terms. For XRP, the USD gains and BTC losses are nearly the same, yet the market cap swiftly approaches $15bn once again.
XRP Price Uptrend Goes Slow and Steady
It still remains a bit unclear what the year 2019 will bring for Bitcoin, Ethereum, XRP and other vehicles.
As the cryptocurrency market onslaught continues for the second time this week, it has become evident the year 2018 will not end on a high in the slightest. The bigger problem is how some of the most promising – or hyped-up – projects are also dropping below the $1bn market cap level in quick succession. This further shows a lot of markets have been overbought in the past few months.
The $1bn Market Cap Club Shrinks Further
About a week and a half ago, it became obvious a lot of cryptocurrency projects lost traction with the $1bn club in quick succession.
Under the current market circumstances, no real uptrend can be expected among major cryptocurrencies. As the total market cap continues to decline every single day, it is evident this latest slump may not be overcome that easily. For Electroneum on the other hand, things are not looking all that bad. Its value is in the green, and a re-entry into the market cap top 50 is very likely.
Electroneum Price Shows Promise
Considering how nearly all currencies in the top 50 are either in the red or barely in the green, there is not much to be excited about at this time.
Numerous side effects become apparent when all major cryptocurrency markets go through a big drop. Last night’s round of events has caused some major shifts which have gone by unnoticed for some time now. That is not entirely uncommon, as most traders focus on singular markets first and foremost. The bigger picture tells quite an interesting tale.
The $1bn Market cap Club Shrinks
Over the past twelve months, the cryptocurrency markets have seen an influx of fresh capital, and an equally swift exit of money as well.
Bitcoin’s market valuation briefly surpassed that of JPMorgan, the world’s largest bank, earlier today, on December 8.
Since 1997, for more than 20 years, the technology sector and so-called “analysts” have described Amazon, the $474 billion electronic commerce and cloud computing company, as a bubble. Analysts in the finance sector have treated Bitcoin in a similar way, since its launch in 2009.
— Brent Beshore (@BrentBeshore) October 18, 2017
On October 13, the market cap of Bitcoin surpassed that of Goldman Sachs after a meteoric rise in the past three days. With a market cap of $95 billion, Bitcoin surpassed Goldman Sachs by more than $3 billion.
Goldman Sachs, the second largest investment bank in the world, has sustained a market cap of $92 billion throughout the past 12 months but has struggled to demonstrate an increase in growth in terms of market cap.