The cryptocurrency market started the week strong jumping from $307 billion to $319 billion. However, towards the end of the week the crypto market dipped below $300 billion. Currently the overall market capitalization stands around $293 billion. There doesn’t seem to be any real negative sentiment at all within the market.
Bitcoin’s share of the total crypto market is still above 68%. Bitcoin briefly broke above $12000 during the week after Chinese yuan weakened more than 2% against the US dollar. However Bitcoin experienced a sharp fall at the weekend. Currently it’s trading around $11300. The largest altcoin Ether is trading around $209 which is a 9.5% drop compared to the previous week. According to a survey conducted among the Twitter cryptocurrency community Ether is most likely to trade above $1000 again in the future. Out of more than 5000 respondents, 54% predicted Ether would reach four digits again.
The price of Ripple dropped by 10% over the week to $0.296. Still Ripple remains the third largest cryptocurrency in the market. Ripple is looking to invest in multiple companies after a $30 million investment in MoneyGram. Brad Garlinghouse, Ripple CEO said that “We’re probably the largest investor in blockchain and crypto on the planet. We’ve publicly announced we’ve made about $500m of investments in the space over the last 18 months."