The cryptocurrency market appears to be starting the new year off by cementing a recovery.
At press time, the total value of the more than 1,300 publicly traded cryptocurrencies, as listed by data CoinMarketCap, set a new all-time high of $667 billion. As such, it’s the latest sign that the entire cryptocurrency market has recovered from a correction on Dec. 22, when the market plunged more than 30 percent from around $648 billion to $422 billion.
Still, what’s most notable about the rally is that data shows the world’s largest cryptocurrency may not be a large contributor. Bitcoin’s dominance, or its share of the total market cap, has now dropped to an all-time-low. Data suggests the value of all bitcoins is currently accounting for 35.6 percent of the entire marketplace.
Indeed, the metric saw a rather turbulent movement in 2017, having decreased sharply from over 80 percent to 37.46 percent in June. This was followed by a six-month bounce-back to 65 percent around early December.
Data from the market’s overnight session (0:01~6:00 UTC), morning session (06:01~12:00 UTC) and afternoon session (12:01~18:00) suggest part of that decline may be due to rising interest in the broader cryptocurrency markets. Just one digital asset, TRON, was a top performer in more than one session, hinting capital may be moving quickly between options in search of gains.
Hot air balloon image via CoinDesk archive
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Published at Tue, 02 Jan 2018 18:45:06 +0000