Bitcoin Price Rings in the 2018 Above $13,500 as Ripple Stumbles

 

The cryptocurrency markets rang in the new year on a high note, with  the majority of coins and tokens in the top 100 posting moderate gains  against the US dollar. The bitcoin price, though still far from its  all-time high, rose above $13,550. Ethereum, meanwhile, took the first  step toward reclaiming the second spot in the rankings from ripple,  which was one of the few cryptocurrencies to post a single-day decline. 

Against this backdrop, the cryptocurrency market cap once again  floated above the $600 billion mark and currently sits at $602 billion.  This $18 billion advance translates into a single-day increase of about  three percent.  

Source: CoinMarketCap 

Bitcoin Price Tests $14,000 on Global Markets

The bitcoin price set the tone for the day, rising a modest two  percent on the global markets even as traders continue to ponder how  South Korea’s new bitcoin exchange regulations will affect the flagship cryptocurrency’s local and international valuations. 

Bitcoin Price Chart

On Bitfinex, bitcoin is currently trading at $13,187, while —  buttressed by South Korea — its global average its $13,570. This  translates into a $227.7 billion market cap, which is roughly 13 times  the size of the entire cryptocurrency ecosystem on January 1 of last  year. 

Ripple Price Posts Rare Decline as Ethereum Plots Recovery

To the surprise of all but a few XRP diehards, ripple entered 2018 as  the second most valuable cryptocurrency following a remarkable year-end  rally. Despite this recent performance, however, the ripple price was  one of the few cryptocurrencies to post a single-day decline on Monday.  On Bitfinex, the ripple price slipped below the $2 mark, while XRP’s  global average declined three percent to $2.25. 

Ripple Price Chart

This pullback reduced ripple’s market cap to $87 billion, perhaps  presenting ethereum with an opportunity to reclaim its spot as the  second most valuable cryptocurrency. On Monday, the ethereum price  increased by five percent and is currently trading at $743 on Bitfinex.  Its global average, though, is $768, which works out to a $74.3 billion  market cap. 

Ethereum Price Chart

Assuming a static ripple price, ethereum needs to increase by 17  percent to pass XRP in the rankings. Based on the market’s current  state, this does not appear likely to happen today. However, if ripple’s  Monday pullback is the first signal that its breakneck rally is running  out of steam, ethereum could once again boast the second largest market  cap in the near future. 

Stellar Leads the Altcoin Advance

Despite poor performances from several top cryptocurrencies, the  total altcoin market cap rose by $9 billion on Monday, bringing it to a  present value of $375 billion. 

Source: CoinMarketCap

Following ripple’s example, both bitcoin cash and cardano posted  minor declines for the day, dipping one percent and three percent,  respectively. 

The litecoin price, meanwhile, returned a three percent  increase, putting at least a temporary halt to its recent downtrend. 

The IOTA price managed to assemble a one percent increase, and NEM’s  eight percent leap brought its price above dollar parity. 

The dash  price, meanwhile, rose by two percent, ensuring its status above the  $1,000 mark. The day’s top performance came from stellar, a newcomer to the top  10. The stellar price rose 25 percent to $0.42, bringing its market cap  to $7.4 billion and providing it with a $2 billion edge on 11th-ranked  monero. 

Source: ccn.com

Write to Josiah Wilmoth at josiah.wilmoth(at)cryptocoinsnews.com. 

Featured image from Shutterstock.  

Similar Articles:

Live Day Trading:1 Trade, 5 minutes, $450 Profit!! https://steemit.com/bitcoin/@ultraspace/live-day-trading-1-trade-5-minutes-usd450-profit

Crypto Market Crash: Not The New Year’s Present Everyone Hoped For | Prediction 2018 https://steemit.com/ethereum/@ultraspace/crypto-market-crash-or-not-the-new-year-s-present-everyone-hoped-for-or-prediction-2018

ICOs Raised $4 Bln in 2017, What 2018 Has in Store [NEW YEAR SPECIAL] https://steemit.com/icos/@ultraspace/icos-raised-usd4-bln-in-2017-what-2018-has-in-store-new-year-special