In the last week, we saw a lot of the correction that the cryptocurrency market had been waiting for for the past several months. After touching the all time high of $820 billion market cap on last Sunday, the market began its week long correction which saw the market dive down to a low of $650 billion on Thursday, 11 January 2017 before stabilising at its current levels of around $714 billion. The sudden crash in prices began on 10th January amidst rumours that the South Korean government had raided cryptocurrency exchanges based in Korea. The news that was disproved soon after caused a stir in the market that could take weeks to fully recover from.With the week ending on a bearish note, here we are with this week’s top ten cryptocurrency list.
Also Read: South Korea Is Not Banning Bitcoin, Financial Regulators Clarified
Only Ethereum (up 20% w-o-w) and Neo (up 35% w-o-w) saw a net positive movement for the week while all the other major cryptocurrencies saw corrections anywhere from 20% to 50%. Ripple (down 45% w-o-w) saw the most drop in price to almost half of its price after the incredible bull run it had recently. Bitcoin (down 18% w-o-w), Cardano (down 22% w-o-w), Litecoin (down 19% w-o-w), and NEM (down 21% w-o-w) also so major corrections after the recent run up but weren’t affected as badly as Ripple.
Overall, the current correction phase that we’re seeing in the market is quite healthy and honestly, much required after the incredible run up in the past few months. As the rumours from South Korea start clearing up, we can see the next bull cylce in the coming week where the total cryptocurrency market cap may cross $ 1 Trillion for the first time.
KryptoMoney.com publishes a list of top ten cryptocurrencies on every Sunday. This is our second list for the year 2018 and the first one was published on last Sunday, January 7, 2018.
| S.No
|
Name
|
Market Cap*
|
Price
(in US $) |
Supply
(in Circulation) |
| 1 | Bitcoin | $230,040,764,713 | $13,691.10 | 16,802,212 BTC |
| 2 | Ethereum | $129,997,153,222 | $1,340.55 | 96,972,999 ETH |
| 3 | Ripple | $72,675,019,305 | $1.88 | 38,739,142,811 XRP |
| 4 | Bitcoin Cash | $43,759,194,705 | $2,587.60 | 16,911,113 BCH |
| 5 | Cardano | $20,271,754,204 | $0.78 | 25,927,070,538 ADA |
| 6 | Litecoin | $13,172,126,327 | $240.58 | 54,750,633 LTC |
| 7 | NEM | $12,503,429,999 | $1.39 | 8,999,999,999 XEM |
| 8 | Stellar | $11,016,818,037 | $0.62 | 17,890,456,756 XLM |
| 9 | IOTA | $10,247,488,862 | $3.69 | 2,779,530,283 MIOTA |
| 10 | NEO | $9,158,760,000 | $140.90 | 65,000,000 NEO |
Source – Coinmarketcap.com
*Market Capitalization is calculated by multiplying the price with the supply of coins in circuclation.
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Gaurang Jain
Gaurang Jain is a recent CS graduate from the University of Ilinois, Urbana-Champaign who has been involved in the cryptocurrency space since mid 2014 having set up a small mining operation in his dorm room (yay! Free electricity). He has grand visions for the future of cryptocurrencies and believes that in time code will disrupt big corporations and intrusive governments in ways that we cannot even imagine yet. He loves the great outdoors and is always up for road trip and does stand up comedy on the weekends when he can get a spot.
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