The cryptocurrency market has witnessed a lot of recovery this week, continuing last week’s bullish trend going up to a high of almost $150 billion compared with last week’s $130 billion. It seems that the fear and uncertainty caused in the market due to China’s move to regulate its exchanges and ban ICO’s may finally be subsiding as investors are putting their money back into the markets. As a result, NEO was the biggest gainer this week in the top 10, gaining 67% to it current price of $33 along with other prominent Chinese projects like Qtum (55%) and Walton (282%) also seeing massive gains. Apart from all the major changes occured in the past week, here we are with a list of top ten cryptocurrencies as on 1st October 2017
Bitcoin has had a great week, gaining 15% price going from the $3700 range last Sunday to over $4300 as of publishing this article adding over $10 billion in market cap. Dash was the only cryptocurrency in the list of top ten cryptocurrencies which decreased in price by around 7% to $320, where all the others in the list of top ten cryptocurrencies have seen about 5-10% increased in price.
Even though it seems that we are past the Chinese regulatory fears, there are a few more concerns that need to be addressed before we could be sure that the the bears have subsided.
Firstly, this week South Korea announced that it is banning all ICO’s as they are a very risky way to raise capital in the cryptosphere. The move is aimed to protect Korean investors from scams which the ICO landscape is rife with. Secondly, the Segwit2x hardfork which is expected to go through in November is being viewed in the cryptocurrency space as a hostile attack on Bitcoin Core which some miners and businesses think have too much control over Bitcoin. The Segwit2x hardfork could make things ugly because unlike the Bitcoin Cash hardfork, this one does not have replay protection and only has one developer working on the project. So until the hardfork is resolved, investors should keep a close watch on how the final installment of the scaling debate that has tormented the Bitcoin community for years is resolved.
| S.No.
|
Name
|
Market
Capitalization* |
Price
(in US$) |
Supply
(in circulation) |
|
| 1 | Bitcoin | $71,518,263,619 | $4,309.03 | 16,597,300 BTC | |
| 2 | Ethereum | $28,331,814,095 | $298.54 | 94,900,597 ETH | |
| 3 | Ripple | $7,594,419,667 | $0.20 | 38,343,841,883 XRP | |
| 4 | Bitcoin Cash | $7,080,593,631 | $425.61 | 16,636,225 BCH | |
| 5 | Litecoin | $2,884,703,178 | $54.25 | 53,178,957 LTC | |
| 6 | Dash | $2,451,639,127 | $323.00 | 7,590,191 DASH | |
| 7 | NEM | $2,103,858,000 | $0.23 | 8,999,999,999 XEM | |
| 8 | IOTA | $1,685,012,407 | $0.61 | 2,779,530,283 MIOTA | |
| 9 | NEO | $1,645,540,000 | $32.91 | 50,000,000 NEO | |
| 10 | Monero | $1,430,956,706 | $94.40 | 15,157,765 XMR |
Source= Coinmarketcap.com
*Market Capitalization is calculated by multiplying the price with the supply of cryptocurrencies in circulation.
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