[2018-01-12] Cryptocurrency Market In The Green, Total Market Cap Bounces Back

[cybersofts]

Cryptocurrency Market In The Green, Total Market Cap Bounces Back



Cryptocurrency markets are on the up today, Jan. 12, with almost all of the top 20 coins on CoinMarketCap in the green, and the highest gain reaching almost 37 percent at press time.

The market had been in the red as recently as Jan. 11, with almost $100 bln in losses in total market capitalization over a three day period. The dip on early on Jan. 11 brought the total market cap of all cryptocurrencies down to around $630 bln. Total market cap is now recovering, climbing to around $720 bln at press time.





Biggest Gains

Ripple (XRP), the second most valuable altcoin on the market, is showing almost 18 percent growth over the past 24 hours to press time. The altcoin saw a price dip yesterday, in part due to false reports that South Korea banned crypto trading in the country, where Ripple is traded at high volumes.

Additionally, CoinMarketCap’s Jan. 8 decision to remove several South Korean exchanges from its price calculations -- due to “divergence in prices” --  caused the average price of Ripple in particular to appear to drop suddenly. CoinMarketCap’s delayed announcement of the decision also reportedly led to panic-selling that worsened the drop.

Since Ripple’s Jan. 11 announcement of their partnership with MoneyGram, a fiat payment transfer service, the coin is showing recovery, trading at an average of $2.07 at press time.





Altcoin Stellar, ranking 8th on CoinMarketCap, is showing 33.34 percent growth over 24 hours, and is selling for about $0.67 at press time. The price spike can likely be attributed to a Jan.11 CNBC segment, where Bitcoin investor Brian Kelly predicted that Stellar is the next coin to buy after Ripple’s Moneygram deal success.

Stellar also retweeted the segment in response early morning today, Jan. 12:

    Enjoy watching while still HOT and not taken down... 🤪https://t.co/TKk7FbJd6Q

    Why #BuyStellar ?

    - “Faster and cheaper than Bitcoin.”
    - @moneygram deal
    - @IBM deal

    Back to over a dollar soon...#stronghands pic.twitter.com/MJtBzUhVNm
    — Stellar Lumens (@StellarLumens) January 12, 2018

Altcoin EOS, in the 10th spot on CoinMarketCap, has seen the most significant 24 hour gains of the top 20 coins, boasting almost 37 percent growth. The altcoin’s performance is apparently a response to hype from a Jan. 11 tweet hinting at a secret announcement forthcoming on Jan. 12 from Seoul, South Korea.

EOS is currently trading at an average of $14.40.


Small Losses

The only two coins in the top 20 that are in the red are ICON, with a loss of 2.93 percent, currently selling at $9.45, and Raiblock, down 4.06 percent and selling for $25.49 at press time.

Bitcoin (BTC)  is up a modest 3.53 percent, trading at press time at an average of $14,123.10. The coin remains down from its December $20,000 high, and has been hovering between $14-15k since the Dec. 22 market dip, when BTC slid as low as $12,850.


Source: https://cointelegraph.com/news/cryptocurrency-market-in-the-green-total-market-cap-bounces-back

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[bbc.reporter]

This news article is already too late. I can see that some coins have already come down from their rallies. We may already be in the beginning stages of a, hopefully short, bear market.

[Kemarit]

This news article is already too late. I can see that some coins have already come down from their rallies. We may already be in the beginning stages of a, hopefully short, bear market.

Looks like still all green as per coinmarketcap, EOS gaining ground at 41%, good to see that in the last 2 days, we are heading on a positive direction. But we all know how volatile the market is, the price could swing in either direction. The top 3 coins, (Bitcoin, Ethereum, Ripple) are doing good so far. And still bitcoin dominance at 30%. Usually during weekends, coins are dipping simply because investors are cashing out. However, we are in a new ball park, and what last year shows us, is not applicable in this time. Anyways, I hope that this rally is just the start of a consolidation and a march towards another bull run specially bitcoin market.

[davis196]

The Ripple+Moneygram partnership shows how easy it is for the big corporations to pump and manipulate altcoin prices.I`m sure that if some big corporation accepts bitcoin,the btc price will hit 20K USD pretty fast.Unfortunately this will be only a short term impact.Anyway,it`s good that most of the cryptocurrencies are recovering and i hope that btc will recover it`s market cap.

[kueyen]

Although this is good news, does anybody know why it is happening? Why are people pulling money out of the markets, to bring it back some time later? I mean it's great that the coins are getting green again, but it frustrates me very much that I'm not able to pinpoint the reason.

[aso118]

The Ripple+Moneygram partnership shows how easy it is for the big corporations to pump and manipulate altcoin prices.I`m sure that if some big corporation accepts bitcoin,the btc price will hit 20K USD pretty fast.Unfortunately this will be only a short term impact.Anyway,it`s good that most of the cryptocurrencies are recovering and i hope that btc will recover it`s market cap.

But the price of Ripple didn't increase from 20c to 3$ on the back of Moneygram news. It was driven up by speculators, who got duped into believing that Ripple's centralization poses no concerns. The Moneygram news hasn't resulted in the price moving up at all. It is more a rebound from the clarification that South Korea is not looking to ban cryptocurrencies.

[bbc.reporter]

This news article is already too late. I can see that some coins have already come down from their rallies. We may already be in the beginning stages of a, hopefully short, bear market.

Looks like still all green as per coinmarketcap, EOS gaining ground at 41%, good to see that in the last 2 days, we are heading on a positive direction. But we all know how volatile the market is, the price could swing in either direction. The top 3 coins, (Bitcoin, Ethereum, Ripple) are doing good so far. And still bitcoin dominance at 30%. Usually during weekends, coins are dipping simply because investors are cashing out. However, we are in a new ball park, and what last year shows us, is not applicable in this time. Anyways, I hope that this rally is just the start of a consolidation and a march towards another bull run specially bitcoin market.

I disgree with Ripple. Among the top 3, it is the one that was pumped too far up, that all its upside potential was exhausted too early. Sorry but XRP is going down from here. I hope I am wrong for the sake of the holders who have bought the top.

[francoise]

But the bitcoin price is still pretty low, I think Bitcoin price will further increase in value over the course of 2018