Crypto Market Cap Adds $3 Billion Overnight; Bitcoin Cash, Litecoin and Stellar Lead
The cryptocurrency market put up firm gains on Sunday, catalyzed by a sharp rally in bitcoin cash ahead of a highly-anticipated hard fork. Top-ten coins Stellar XLM and Litecoin were also among the biggest contributors to the weekend rally.
The combined value of all cryptocurrencies peaked at$209.5 billion on Sunday, the highest in three days. At the time of writing, the total market was worth $209.1 billion, according to CoinMarketCap. Gains were associated with a 17% surge in trading volumes over the last 24 hours.
Bitcoin cash has rocketed nearly 30% since Friday, reaching a high of $582 on Bitfinex. The digital currency was last valued at $577, having gained 20% from Saturday.
Holders of bitcoin cash are hedging their bets in anticipation of the Nov. 15 hard fork, where they will receive new coins at a ratio of 1:1. The surge in price likely reflects new buying interest among traders looking to capitalize on the new coin.
Litecoin and Stellar XLM also put up firm gains on Sunday. In the case of Litecoin, prices rose 7.4% to $54.74, a new three-week high. The XLM price jumped 5.8% to $0.2395. Lumens peaked above $0.2400 for the first time since Oct. 24.
Bitcoin, the leading digital currency by market cap, was little changed over the weekend. The BTC price is currently hovering at $6,333, virtually unchanged from 24 hours ago. As a result, bitcoin’s share of the overall cryptocurrency market cap fell to 52.5%.
China Releases New Blockchain Ranking
The Chinese government has once again named EOS the world’s best public blockchain in an index that favors innovation and application over market capitalization. The 6th Global Public Blockchain Technology Assessment Index, courtesy of the China Electronic Information Industry Development (CCID), gave EOS a score of 150.5 based on technology, applicability and creativity. Ethereum was ranked second with a total index score of 136.3. BitShares came in third with a total score of 110.6.
Rounding out the top-ten are Nebulas (110.4), NEO (108.9), Steem (106.1), Ripple (103.4), GXChain (103.0), NULS (102.1) and Komodo (99.9).
Interestingly, bitcoin has seen its ranking plunge all the way down to 19th with a total score of 92.5. Just three months ago, bitcoin was ranked tenth among public blockchains. Despite underperforming on basic technology and applicability, bitcoin dominated the creativity category with a top score of 34.6. No other project cracked 30 on that sub-index.
A total of 33 public blockchains were evaluated by CCID. The index, which is produced monthly, was first released in May.
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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