Total Crypto Market Cap Reached Three Quarters Of A Trillion
At the moment of writing, total crypto market capitalization was $765,977,196,526, or just above three quarters of a trillion.
At the end of the year, total market cap was $612 billion, so that means in just 4 days, crypto market cap gained $153 billion.
Stop for a while to ponder this (and I'm not telling it in a "struck with awe" way, but rather in a "what the fuck is going on?" way).
A look at the Bitcoin dominance, or the distribution, gives a bit more insight:
The biggest growth came from Others alts and Ripple. Bitcoin has less than one third market domination now.
While I'm moderately happy to see alts thriving (or at least creeping into Bitcoin territory) the fact that a non-decentralized crypto currency, used mostly by banks, gained so much influence in so little time, worries me a little.
Even the name is creepy, if you think at it: if something goes wrong, that can send endless "Ripples" to the most remote corners of the financial system. Stellar is not semantically far too: if something goes wrong, we may see a "Stellar" clusterfuck.
I may be just overly cautious here, but I'm telling you: something is very intriguing these days in the cryptoland.
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This is crazy, I never expected it to happen so fast
I been TELLING YOU...if/when the economic crash comes...crypto is the airbag.
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Another day another dollar. Get your umbrella out, its raining crypto
It's heading to the TRILLION very soon.
Read my lips. It's happening before the end of this month. Hahaha
Trillion dollar market is possible even before the end January 2018... Things look really exciting in crypto space.
Its rippling all over crypto land.
Well, I was a Cardano fan, but I sold mine with just an hour before the main pump, and now I think a lot if I should go back and buy them or wait for a correction. I don't know what to say about this, but it seems to me that soon, Bitcoin and the rest of the forks of it will not be in top anymore. I think people have started to see the limited scaling possibilities it has. Maybe this is one reason why Steem had such a bull run lately. To end this comment I would also say that even if we don't like the institutional money from Ripple, it will be here for much longer or it could just surpass Bitcoin and reach first place which would not be a happy scenario thinking that crypto world at the beginning was introduced to offer a free market not influenced by banks or governments.
As you once said, We are living interesting times...
I sincerely see reason with you here, it would definitely defeat the aim.
I think it is too early to reach this kinda conclusion.
It may be early or scary, but I think this is what it seems, and I accept that I can be wrong interpreting these signs.
Yes surly more money in the system just helps legitimize the other altcoins?
Eh, do some more research. Ripple may not be as centralized as you think.
It's centralized to an extent, but most cryptos are to a certain extent. Look at Steem and all the drama going on due to certain people getting huge rewards from 1 person. Is that really decentralized? Decentralization in my eyes would everyones vote would be worth the same. Bitcoin is in the hands of a few mining pools that have made several attempts to hijack the coin for their gains.
Just my opinion.
That's equality, not decentralization, and it's impossible, Ripple is a liquidity pool for banks and in order to fulfill its function it must be centralized.
I'm not 100% against centralization or 100% pro de-centralization and I think in most cases a decent imx between the two should be a solution, but this massive influx of money intro a very narrowly controlled asset makes me think... That's all :)
True.
I think it's the rumor mill driving a lot of it currently and then fomo, but I'm going to be taking my profits and running soon enough.
I prefer to exclude Ripple from considerations when looking at market cap.
Ignoring speculators the people who invest in it are not investing in crypto per se, they are investing in traditional finance, albeit an edge case.
That will certainly paint a very different picture.
This post got me thinking. Consider ERC 20 tokens for a second. They are all built on Ethereum right? So in one sense this could be considered the reason Ethereum had any value, i.e. The use cases for Ethereum.
Is it then double counting to include all the erc20 tokens when looking at market cap? I know it's not exactly double counting as money has been invested in all of these tokens but it's an interesting idea to explore.
Ripple's growth rate is absolutely in the "wow" class (at least to me) and the fact that it is owned and not decentralized I agree is somewhat a threat, I'm keen to see what comes out of this one.