The cryptocurrency market saw an explosive growth for almost all cryptocurrencies this week after a brief hiatus last week which saw a correction to around the $400 billion market capitalization for the whole market. About $200 billion were added to the cryptocurrency market this week with the largest volume of investors coming from the USA and Korea. Here we are with this week’s list of top ten cryptocurrencies
The growth in market price was most prominent for Ripple (+ 211% w-o-w), Litecoin (+124% w-o-w) and Cardano (+365% w-o-w). Major cryptocurrencies like Bitcoin (+ 34% w-o-w), Ethereum (+ 60% w-o-w) and Monero (+44% w-o-w) also saw a low of positive price action as a result of a very strong bull market as Bitcoin futures began trading on CBOE on Sunday.
This week’s top gainer, Cardano almost quadrupled in price in the last two days with most of the volume coming from Bittrex and Binance. Cardano has seen a lot of volatility in its price in the last few weeks as a result of interest from investors for being a viable alternative to Ethereum. The only loser in the top ten this week was IOTA (down 15% w-o-w) which is not very surprising considering the massive bull run it recently has where it price reached $5 from about $0.50 in a matter of days.The berish trend was also witnessed due to the news of IOTA partneing up with Microsoft prooven to be false. As a result, traders and investors dumped IOTA.
Overall, this has been one of the greatest weeks for cryptocurrencies this year as institutional money starts flowing into Bitcoin along with a renewed interest from investors around the world. Also, bullish run of Bitcoin is expected in the coming week as CME, the bigger derivative exchange than CBOE will start BItcoin Futures trading on 18 December, 6 PM CST onwards.
List of Top Ten Cryptocurrencies as on December 17, 2017
KryptoMoney.com publishes a list of top ten cryptocurrencies on every Sunday. This is 32’nd weekly report and the previous one was published on 10 December 2017.
|3||Bitcoin Cash||$31,174,473,055||$1,848.98||16,860,363 BCH|
*Market Capitalization is calculated by multiplying the price with the supply of coins in circuclation.
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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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