Digital Currencies Market Cap Surpasses $35 Billion

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Interest in digital currencies like ethereum and bitcoin continues to increase as they experience a growth of around $6 billion in just one week, rising from $29 billion to now stand at $35.6 billion.

Everything is up. Most notably, ethereum has increased from $50 to $72 in just two days, fuel by the announcement of numerous projects using the platform for record keeping, charging stations, ICOs and other aspects.

On that latter point, it is interesting to note there are two eth based tokens on the top ten, with ETC, an ethereum off-shoot, a third. Suggesting a unique ecosystem is developing around ethereum with many tokens centered around the platform.

All digital currencies in the top ten are up according to coinmarketcap

A somewhat surprising third position is taken by Ripple. They’re nearing $2 billion, a first for any digital currency except for bitcoin and ethereum. They’ve recently announced some partnerships with banks, but usually are seen with a very skeptic eye in this space because some 66% of ripples are held by the centralized company which issued them.

That raises fears they could just dump them at any point. Something with a precedent as a couple of years back their founder was to dump billions of ripple at market value based on some dispute which led to him creating a ripple like clone.

On the fourth position we have litecoin, a bitcoin copycat which has locked-in segregated witnesses (segwit), a proposal by Blockstream employees that aims to facilitate sidechains and the Lightning Network (LN) while, according to critics, making on-chain scalability far more difficult.

The activation process has given them some much needed attention, but most now seem to have quickly moved on with litecoin trading sideways for a number of days as focus appears to be moving elsewhere.

Interestingly, Dash is seemingly somewhat holding its ground after a parabolic puzzling rise. It has fallen from third position to fifth, but the currency is still trading at around $100. It’s however attracting little attention due to not really having much news.

The focus, instead, is all on eth which has spurred a number of tokens that may be contributing to the ever increasing market cap. ICOs have raised more than twice than VC funded projects according to new research. The latest one was valued at some $300 million.

That means bitcoin’s market share continues to fall, decreasing by around 1% overnight. It currently stands at 60.5%, a hairbreadth away from below 60%, a potentially significant psychological threshold which may move attention away from the first digital currency.

That’s because they have failed to reach a decision regarding scalability, leading to paralysis, a vitriolic environment, a standstill in development, and a general lack of movement. Giving eth an opening, with the currency now a serious contender to take the leading banner.

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