Total value of Crypto currency market has surged more than 1300% this year, 2017 has been a landmark year for entire cryptocurrency market as total market cap of crypto currencies which started the year at valuation of $17.7 billion has now reached the level of $280 billion, which makes gain for this year around 1300%, which is staggering return over investment. There are many reasons behind this massive rally in Crypto markets.
Many analysts cited growing visibility as a major reason that the digital currency market has been rising in value.
This increasing visibility is illustrated by Google Trends data, which shows that search interest in the term “Bitcoin” reached an all-time high on November 12. The buzz and hype in the market is increasing traffic as more of the public seeks to understand this market and wants to know about the possible sources to gather information about latest developments in the market. The digital currency market has drawn some very robust inflows this year, and this in turn has been reflected in the total market cap of these assets. Several analysts noted that a rising number of institutional investors have been getting involved with cryptocurrencies.
Retails vs Institutional Investors in Crypto Market
There are currently 2 types of investors in the Crypto market, Retail investors and Institutional investors, as far as retail market is concerned, retail investors from China, Korea, Japan drove the Crypto Market in first part of this year, but real deal came from institutional investors in second half of this year, still counting though, Institutional investors came from United States, according to the latest data, more than 100 Hedge Funds in US alone are focusing solely Crypto Currencies.
The rising number of Initial Coin Offerings (ICOs) has caused the digital currency market to gain value, doing so in two separate ways.
First of all, these sales create new value for the cryptocurrency market, as tokens are sold and given monetary value. Second, participating in ICOs involves exchanging Bitcoin and Ether for newly created digital tokens, which in turn provides significant headwinds for these major cryptocurrencies.
Crypto Market cap reached $275 billion
Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.
Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.
$7000 is a key level for Bitcoin
$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.
Switzerland merging Cryptocurrencies with conventional banking
Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .
Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.
Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: “We hope to clarify relationships by the end of the year at the latest.
“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Blockchain becoming the global phenomenon
The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.
Crypto market stabilizing gradually
Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.
Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.
Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.
Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.
Current top 5 crypto currencies
- Bitcoin : $9388
- Ethereum: $741
- Ripple: $0.83
- Bitcoin Cash: $1630
- EOS: $18.28
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