Altcoin Rally Leads Crypto Market Cap Past $220 Billion for the First Time in a Month
Cryptocurrency prices were seeing mostly green on Wednesday, as large advances in bitcoin cash kept the market trending in positive territory ahead of next week’s highly anticipated hard fork. While gains have slowed considerably in the last hour, most major assets are higher compared with Tuesday.
The combined value of all digital assets reached a high of $221 billion on Wednesday, levels last seen about a month ago, according to CoinMarketCap. At the time of writing, the crypto market cap was valued at $220.3 billion.
Trade volumes have picked up by nearly 15% in the last 24 hours, reaching $16.6 billion. Volumes are up 53% since Friday, when the breakout began.
Among the top-ten coins, bitcoin cash was once again the standout performer, adding 12.1% to $632. The BCH price has surged more than 51% over the past seven days.
Ethereum rose 3.8% to $220, its best level since Oct. 10. EOS advanced 1.4% to $5.70, Stellar XLM climbed 2.1% to $0.2577 and Litecoin rose 1.4% to $55.03 (all figures according to CoinMarketCap).
Bitcoin’ price rose 1.7% to $6,538. Its share of the overall market capitalization has dwindled to around 51.6%, based on latest available data.
A majority of top coins listed in the top-ten have quietly strung together double-digit gains over the past seven days, highlighting the extent of the latest recovery attempt. Below is a breakdown of the double-digit gainers during the past seven days.
|Cryptocurrency||Percentage Gain (7 Days)|
By comparison, bitcoin is up just 3.2% over the same stretch.
Bitcoin cash has been the major catalyst for the large rally, with investors piling into BCH to earn commensurate coins following the Nov. 15 hard fork.
XRP and Stellar Lumens have also realized outsized gains as cross-border payment platforms continue to benefit from broad partnerships and real use cases. Both appear to be benefiting from positive speculation that Coinbase may soon list the assets on its platform, thereby enabling instant fiat transactions. Earlier this year, Coinbase said it is considering five cryptocurrencies for possible inclusion on its platform. Already, two of the five – Basic Attention Token and 0x – have already been listed.
Coinbase’s chief technical officer Balaji Srinivasan recently commented on the state of cryptocurrencies, arguing that digital assets are increasingly entering mainstream consciousness at major tech firms. Srinivasan tweeted the following earlier this week:
“Sundar Pichai & Sergey Brin’s sons are both mining crypto; Facebook is doing blockchain; Square open sourced some nice cold storage code; Microsoft, Amazon, Google Cloud all have blockchain efforts; crypto is entering the tech mainstream.”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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