Cryptocurrencies are Becoming more Valuable than Facebook

Nishanth Shetty

December 16, 2017 12:55 pm

Cryptocurrencies are Becoming more Valuable than Facebook | Coindelite News
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Cryptocurrency News

The bitcoin price has crossed $18,000 on Friday since the traders rolled their altcoins profits back into the flagship cryptocurrency. Few other top-Cryptocurrencies such as Ethereum saw the price declines, making them lose the market cap that they had fought for recouping during the bitcoin’s mid-week drop.

 

 

Though not a milestone in and of itself, achieving the $530 billion market capitalization, which was for another reason. Wall Street Strategist Tom Lee attributes assign this year’s massive bitcoin price increase to the “network effect”, so it is fitting that the combined value of the other cryptocurrencies has now crossed the market cap of the most popular social network which is called “Facebook”.

Bitcoin Price Rallies Past $18,000

Though the majority of cryptocurrencies posted single-day declines on Friday, the bitcoin price rallied more than eight percent, enabling the dominant cryptocurrency to crack the $18,000 mark and inch closer to its all-time high. At present, the bitcoin price is trading at a global average of $18,134, which translates into a $303.6 billion market cap.

Bitcoin Price crossed $18,000

 

By the majority of cryptocurrencies posted single-day declines on Friday, the bitcoin price rallied more than eight percent, enabling the dominant cryptocurrency to crack the $18,000 mark and closer to its all-time high. As of now, the bitcoin price is trading at a global average of $18,134 which translates into a $303.6 billion market cap.

Ethereum has also grown:

The Ethereum price had grown into an all-time high of $752, and many of the investors started believing that $1,000 was on the horizon. Anyhow, the Ethereum price experienced a 10 percent correction on Friday, through reducing the second largest cryptocurrency to a present value of $653. This translates into a 63 billion market capitalization.

Altcoins are also rocking:

 

The altcoin market cap dropped to $227 billion – a single day decrease of $6 billion.

Ripple left the Bitcoin Cash one step below

The Ripple’s price reached a new all-time high of $0.892, although it has settled down to $0.758. This anyhow represents a single-day rally of 33%, and ripple became the third largest cryptocurrency in the market.

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