The cryptocurrency market cap has soared to a new all time high, buoyed by Litecoin, Ethereum, Ripple, and Dash among others. CoinMarketCap shows a $500.5B cap at press time, as positive news and prospects have overwhelmed the market. Here is a breakdown of the facts behind what is driving the action.
Amazon continues to be spotlighted due to its acquisition of crypto-related domain names, most notably amazonethereum.com. Additionally, Monero and Ripple have been rumored to have drawn Amazon’s attention.
Taking a contrarian view, some bold onlookers have suggested that Amazon may be the market changing catalyst that topples Bitcoin and spawns a new king. If it does begin accepting digital currencies but does not include Bitcoin due to its perpetually clogged network, we will witness a shakeup the likes of which we’ve yet to see.
Ripple has so much going for it right now. Recently Coinbase disabled LTC and ETH transactions due to overwhelming demand, and many among the community speculate that they will be more likely to adopt Ripple as their 4th trading pair having now seen the need. The community has already initiated a petition, with over 13,000 supports and growing. Feel free to add your support.
Recently a rumor circulated about an IOTA-Microsoft partnership that eventually became accepted as fact. IOTA spiked to a record high of $5.55 (Bitfinex price) and hovers just below at press time. Today IOTA leadership came clean, admitting that the rumor is untrue and NOT started by any IOTA member.
A day ago the SEC released guidance on initial coin offerings. On top of cautioning investors against blind project support, SEC Chairman Clayton gave his blessing, saying, “I believe that initial coin offerings – whether they represent offerings of securities or not – can be effective ways for entrepreneurs and others to raise funding, including for innovative projects.”
Bitcoin futures went live on Sunday sending Bitcoin to new highs. Futures trading has long been accepted as a positive catalyst for the top digital currency, as it will likely draw in new speculative capital. Still others believe that futures trading will amplify market manipulation.
Craigslist has made it easy for users to accept Bitcoin as payment for goods and services. After all, the two are meant for each other.
$700 Billion Spending Authorization
Earlier today President Trump signed a $700 billion bill that includes authorization for blockchain cybersecurity research. Section 1646 of the National Defense Authorization Act for FY 2018 allows 180 days for the Secretary of Defense to prepare and deliver findings on blockchain technology. The intent is to investigate the following:This comes just days after Congress approved a bill that would disqualify cryptocurrencies from coverage under Section 1031 like kind exchanges.
The following coins have made top contributions toward the $500 billion overall market capitalization. All figures are from CoinMarketCap.com (rough figures since prices change constantly).
Bitcoin – Up 2100% YTD, up 50% this week.
Ethereum – Up 7700% YTD, up 28% today.
Litecoin – Up 10,700% YTD, up 80% today.
IOTA – Up 700% YTD
Ripple – Up 10,050% YTD, up 25% today.
DASH – Up 980% YTD, up 275% this month.
EOS – Up 500% YTD, up 400% this month.
Without question this will be remembered as one of the best weeks in crypto history, with countless millionaires being made. The question now is where do we go from here? Can we ride this wave of positive developments to $1 trillion? Let us know what you think!
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