Bitcoin No Longer Top Dog Because Of How It Is Defined | News

The total market cap of the cryptocurrency market reached a new milestone, crossing the $700 bln mark. However, the driving force that is Bitcoin has slumped to all-time lows in terms of its market dominance. For so long Bitcoin has held more than just the lion’s share of the crypto market dominance, but currently, while many will be calling it altcoin season with Bitcoin’s dominance down to 34 percent, it may be that Bitcoin has made itself less important. At its genesis, Bitcoin was heralded as the new revolution of…

Down But Not Out: Bitcoin Holds Onto Bullish Territory

Bitcoin has come under pressure today amid sharp gains in alternative currencies, but the charts are showing no signs of panic. Having clocked a high of $15,394.99 at 02:14 UTC today, CoinDesk’s Bitcoin Price Index fell to an intraday low of $14,225.17 at 09:14 UTC. At press time, bitcoin was trading at $14,500 levels. Quite clearly, the 2 percent depreciation in the value shown by data source CoinMarketCap is largely due to the decline seen between 02:14 UTC and 09:14 UTC. Meanwhile, cheaper alternative currencies are strongly bid. For instance, Ripple’s…

Egypt’s Top Cleric Declares Bitcoin Trading ‘Unlawful’ | News

Egypt’s highest official of religious law, Grand Mufti Shawki Allam, called Bitcoin trading “unlawful” under Sharia law, online publication Ahram reported today. In the fatwa issued Monday, Allam wrote that Bitcoin isn’t an “acceptable interface of exchange” and is therefore unlawful to trade. The cleric also cited Bitcoin’s potential for money laundering and pointed out that because it isn’t subject to any government’s control, Bitcoin could potentially undermine the Egyptian economy. Allam further stated that Bitcoin negatively affects “dealers’ legal safety” and that: “Bitcoin is forbidden in Sharia as it causes…

TRON (TRX) Dogs Will Give Cryptokitties A Run For Its Money, As The Chinese Year Of The Dog Approaches

Back in early December, the game Cryptokitties took off on the Ethereum blockchain. Within its first week, Ether holders spent over $3 million dollars on virtual cats. At one point, the game took over close to 25% of the total hashing power on the Ethereum network. Currently, the game has 251,292 total sales with $18,310,216.78 USD sold. The highest kittie that was sold was for 254 Ether and at the time-of-sale cost $110,707.16 USD, made on December 6th, 2017. The game has since fizzled, dealing with scalability issues on the…

Ripple Pushes Past $3, Reaches Almost Half Bitcoin’s M… | News

Ripple (XMR), currently the second largest cryptocurrency by market capitalization, has continued its recent rally, crossing the $3 per coin mark. At press time, the altcoin was trading at an average of $3.12. Ripple’s price has increased almost 49,000 percent over the past twelve months. The cryptocurrency passed $2 just last week, seeing a 130% increase since Dec 27. This has cemented Ripple’s number two position with a market cap of $121 bln, almost half that of Bitcoin. What is Ripple? Ripple markets itself as a Blockchain-based payment solution for…

2017’s Crypto (R)evolution Was Just the Beginning

Bobby Cho is head of global trading at Cumberland, where he oversees one of the largest cryptocurrency and digital asset trading operations. The following article is an exclusive contribution to CoinDesk’s 2017 in Review. When we kicked off this year, bitcoin had just topped $1,000 for the first time in three years. It was a signal to the market, but cryptocurrency still lacked serious interest from mainstream banks and institutional investors. Today, we’re looking at a very different market and, as one of the largest liquidity providers in the space,…

Bitcoin is Akin to Gambling, Causing Egypt to Ban It

Despite the many successes they have experienced this past year, cryptocurrencies, Bitcoin especially, have seen their fair share of controversy. We’ve seen hacks that have lost people a lot of money, stock prices becoming inflated thanks to blockchain investments, fake digital currencies, and who could forget the huge plunge the original cryptocurrency took from near-$20,000 to below $13,000 at the end of December? Now, we bring you the next level – Egypt has banned Bitcoin. Bans on cryptocurrencies have happened before; a country deciding it’s against Bitcoin is nothing new.…

Move Over Bitcoin, It’s Ripple’s Time to Shine

Ripple does it again, making waves in the headlines of crypto-enthusiasts everywhere. Not only has it now reached a market cap of over $120 billion, but for the first time ever it has surpassed the $3 mark. Currently, Ripple has a market cap of $122.7 billion and is going for $3.17, giving it a +31.84% change in the past 24 hours, according to CoinMarketCap. That’s pretty astounding, given that the cryptocurrency was going for about $0.25 back in December. Their market cap is only second to Bitcoin’s, which is currently…

Total Crypto Market Cap Hits Over $739 Gain Billion, Smashes Record

A new record high was reached just before Christmas, as the Total Cryptocurrency Market Cap reached over $618 Billion USD. Today, that record was smashed as the cap reached above $700 Billion this morning, and is now at $739 Billion, at press-time. That means that the market gained $39 Billion dollars in just a couple of hours. Source: Coin Market Cap Lately, the large market growth can be contributed to the rise of altcoins. Since its debut on Wall Street, in the form of futures, the demand for Bitcoin (BTC)…