Another good week for Bitcoin. Bitcoin prices grew constantly and creating new all-time highs almost every day of the week. However, On May 12 , Bitcoin prices dropped from $1800 to almost $1600. A huge dip of 12% was witnessed in Bitcoin Prices. In Indian Markets too, Bitcoin prices once slipped from Rs 1,25,000 to almost Rs 1,17,500.
However soon, Bitcoin price recovered and was lingering around $1750.
At the time of publishing this article, Bitcoin price was INR 1,24,000 in Indian markets and $1782 globally.
A good news came in for Bitcoin lovers this week from Australia.
Bitcoin was legalized in Australia and is now a legal tender of money. Bitcoin can be used “Just Like Money” in Australia. Also, double-taxation policies was eliminated from buying/selling/trading of Bitcoins. “http://kryptomoney.com/index.php/bitcoins-to-be-used-like-money-in-australia/” target=”_blank” rel=”noopener noreferrer”>Click here to read full article
KryptoMoney.com reports a list of Top Ten cryptocurrencies on every Sunday. This is our third report and we will compare this report to previous one which was published on 7 May 2017.
Major Changes this week:
| Serial No. | Name | Market Cap | Price | Circulating Supply | |
| 1 | Bitcoin | $29,550,872,637 | $1788.72 | 16,328,975 BTC | |
| 2 | Ripple | $8,471,037,558 | $0.221142 | 38,305,873,865 XRP | |
| 3 | Ethereum | $8,349,353,937 | $91.16 | 91,592,014 ETH | |
| 4 | Litecoin | $1,503,529,779 | $29.43 | 51,095,282 LTC | |
| 5 | NEM | $1,147,149,000 | $0.127461 | 8,999,999,999 XEM | |
| 6 | Dash | $655,803,661 | $89.90 | 7,294,999 DASH | |
| 7 | Ethereum Classic | $579,959,582 | $6.33 | 91,605,013 ETC | |
| 8 | Monero | $415,201,403 | $28.72 | 14,457,729 XMR | |
| 9 | Stellar Lumens | $364,396,230 | $0.038197 | 9,539,817,633 XLM | |
| 10 | Round | $196,510,650 | $0.231189 | 850,000,000 ROUND |
Source- Coinmarketcap.com
*Market Capitalization is calculated by multiplying the price with the existing supply.
1$= Rs 64.44
Bitcoin prices have increased significantly in a short span of time. Reasons may be global demand and mass adoption. But one thing to note is that the demand and prices of other major Altcoins are also increasing and Bitcoin’s total share in cryptocurrencies is decreasing.This may lead to a correction in Bitcoin prices. Click here to read a more detailed article about Bitcoin price movement.
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