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North American Bitcoin Conference: Cryptocurrency Event Stops Accepting Bitcoin
12 January 2018, 06:18 | Opal Carroll
Global chart of market capitalization of cryptocurrencies
The cryptocurrency market gained more prominence in mainstream investing circles throughout 2017. "By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they're not sure what's happening". The blockchain provides a trusted, peer-to-peer transfer of value on a distributed public ledger that records every transaction and is immune to tampering. Charles Hoskinson, Cofounder of Ethereumsaid the cryptocurrency market would flourish after bitcoin alternatives that lack potential will fail. Sensing opportunity, investors flocked online, looking for the next big thing.
However, new investors must be careful to understand cryptocurrencies before entering the market.
Ripple is already ahead of the pack in terms of real-world use, but it could do more to demonstrate the need for XRP. This hunt has given rise to more than a handful of virtual coins that have risen by over 10,000%, 100,000%, and, in very rare cases, beyond 1,000,000%. While this is far from the dizzying heights of late 2017, it is holding strong as the largest - and still the most widely-adopted - option.
The Ripple reported a 18% drop to 1.96 United States dollars after losing 13.36% on its first day of the week. The digital coin has lost 25% of its value in the past 24 hours, according to Coinmarketcap.
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you.
"Early cryptocurrency believers have been financially and socially rewarded for taking a risk on early investments". As on December 14, the total value (market capitalisation - price multiplied with currency in circulation) of these currencies was $514 billion.
At the time of writing, a single coin is valued at $2.35 (£1.74), on a slight downward trajectory. However, in recent weeks, several other cryptocurrencies have gotten some major attention from investors and the media. The Ripple managed to cement a massive gain which gave Ethereum a run for its money and dethroning it as the second most popular digital currency in the world.
With a total worth of more than $40bn, a single coin now costs $2,392 (£1,766). While some experts believe it could make the ecosystem healthier, others believe that considering the sheer trading volume coming from the South Korean market, and strict regulations imposed by the government to regulate the sector, South Korean rates should be considered in calculating the global average price.
Still, it is not the first attempt of XRP coin to get the same popular status as Ethereum or Litecoin have, and despite all of the both positive and negative statements about it, with prompt support from institutional investors it has a chance to reach its goals. Litecoin's algorithm also makes it hard to build Application-Specific Integrated Circuits (ASIC), the likes of which are used to mine Bitcoin, and have been criticised for the massive electricity consumption that goes into mining the cryptocurrency, leading to long-term scalability problems.
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