The Combined Market Cap of All Digital Currencies Returns Above $100 Billion

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Following a turbulent week of price crashes and sideway movements, the combined market cap of all digital currencies has now seemingly moved up, returning to above $100 billion.

Almost all digital currencies are in green, with ethereum leading in trading volumes while rising around 10%, litecoin rising some 20% and bitcoin following with around 7% according to data from cryptowat.ch which slightly differ from coinmarketcap below:

The top digital currencies as of early July.

There isn’t much movement in ordering, but EOS from Dan Larimer is a big new entrant, instantly gaining 11th position after ending the first stage of their year long ICO.

In a Larimer fashion, EOS gave us quite a spectacle yesterday that continues with the aftermath today as its price rose to $6.90 from around $1 to then nearly halve down to around $3.90, after it was listed on Kraken as soon as the first stage of the ICO ended.

EOS’s price action on its first day of trading.

The main reason is probably because the EOS team seems to be very good at marketing, making some outlandish claims which they are unlikely to deliver in a reasonable manner.

But people flocked for the trading frenzy as music festivals now get swapped for the latest blockbuster ICO with the attention span of most being around one day.

On that note, it’s not very clear why litecoin is rising more than the other established currencies, with its trading volumes considerable too, increasing to nearly 50% of its market cap, somehow.

Maybe because Innosilicon, a litecoin mining manufacturer, apparently donated a very specific and fairly peculiar 666 litecoins to the Litecoin Foundation, currently worth around $30,000.

None of the litecoiners were happy with the number, while some were not happy about the implications of a miner donating that amount while Charlie Lee, litecoin’s founder, was meeting them.

Charlie Lee in China

But that’s litecoin for you. Somehow still relevant although no one uses it. Somehow manages to have half of its market cap in trading volumes. Somehow rises more than others on the back of some donation.

Or, maybe, its the Chinese miners that still keep it afloat. Not least because bitcoin, litecoin, easy to confuse three or four words in a completely different language where most can’t get their head around all this digital currency stuff.

 

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