It has been a very eventful week for cryptocurrencies with massive swings which saw $50 billion added to the cryptocurrency market in the first 3 days before disappearing in merely 2 days and then being added back to bring the market to its previous all-time high in the next 2 days. The week closed on a new all time high of a collective $341 billion market capitalization with Bitcoin (up 27% w-o-w). Bitcoin was the major mover this week and since Bitcoin’s market capitalization is over half of that of the total market capitalization, major movements in Bitcoin translate to overall disarray in the markets.
IOTA (up 106% w-o-w) and Cardano (up 310% w-o-w) were the biggest gainers this week with Dash (up 25% w-o-w) and Monero (up 26% w-o-w) following close behind. The other established coins like Ethereum (up 3.6% w-o-w), Litecoin (up 17% w-o-w) and Ripple (up 3.3% w-o-w) did not see as much movement.
Thursday saw a major but short lived correction in Bitcoin’s sudden rise to $1100 and once the price dropped below $10,000 people started dumping alt-coins bringing down the price of most major altcoins. But recovery began quickly and most coins have recovered to their pre correction price as of writing this article. There was no clear reason for the sudden crash to $9000 and Bitcoin and other cryptocurrencies are expected to keep growing more in 2018 as Bitcoin futures are going to be traded on the Chicago Mercantile Exchange and NASDAQ.
List of Top Ten Cryptocurrencies by market capitalization as of December 3, 2017.
KryptoMoney.com publishes a list of top ten cryptocurrencies on every sunday. This is our 30th weekly report and the previous one was published on 26 November 2017.
|3||Bitcoin Cash||$27,100,069,455||$1,609.68||16,835,688 BCH|
|6||Bitcoin Gold||$5,629,041,254||$337.36||16,685,661 BTG|
*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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