The total market cap for cryptos is now US$148 billion, according to CoinMarketCap. The market cap is slowly climbing back up to the record high of US$170 billion seen in August.
While China continues to dominate discussion in the market, it is no longer wreaking havoc on prices. In fact, it looks as though a new crypto craze has swept other Asian nations. More on that in a moment.
For now, though, no one knows what could set off volatility again. After all, there is never a dull moment in the crypto-verse.
Here’s the latest price roundup (in Aussie dollars):
Bitcoin Price: $5,550 +1.426%
Ethereum Price: $383 +1.301%
Ripple Price: $0.25 +0.564%
Bitcoin Cash Price: $531 -3.347%
Zcash Price: $341 -3.119%
Bitcoin finds a new Mecca
China used to be the glorified ‘home’ of bitcoin. According to CoinDesk, the country accounted for an estimated 85% of bitcoin trading volume earlier this year.
Then the government stepped in and China was dethroned…but not dead.
Now China’s neighbours, namely Japan and South Korea, have picked up the slack. These two countries, already strong bitcoin and crypto traders, have reached a new level.
And despite a recent ICO ban by South Korea’s government, the market continues to rise.
It goes to show how resilient crypto prices are becoming to bad news. China’s ICO ban resulted in cryptos falling across the board for an entire week. Whereas this latest ban was shrugged off in a matter of hours.
Quite the turnaround.
Nevertheless, the big question mark for bitcoin is now the possibility of another split or ‘hard fork’ in November. If it goes ahead, expect even more uncertainty than usual.
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Ethereum is big in Korea
Just as bitcoin trading in Korea is taking off, so too is ethereum.
Last week the biggest Ethereum meetup ever was held in Seoul. It included several notable figureheads, including Ethereum co-founder Vitalik Buterin.
Despite being regarded as ‘the platform’ for ICOs, Ethereum didn’t falter following the ban from the South Korean government. Just seven hours after the announcement, Ethereum had already made up for the market losses from the news.
Buterin told local Korean media that Ethereum is bigger than just ICOs, commenting:
‘I would say that Ethereum’s main benefits are in its generality and in its utility to many kinds of industries. There are applications in finance, identity, supply chain tracking, health care, energy and many other areas. This is a result of Ethereum deliberately being designed as a general-purpose programming platform.’
Ripple makes waves in Asia
Continuing with our Asian theme for the day, ripple has also targeted the region.
In an ongoing foray into Asia, ripple has announced a new office in Singapore that will complement ripple’s Indian office, which was also announced several weeks ago.
It will give ripple prime access to work with regional banks in the area. Ripple’s Asia Pacific managing director Dilip Rao said:
‘Singapore is leading the charge when it comes to streamlining money exchange, remittance and payments systems…Our new office can support this ambition and equally brings us closer to our customer base across the Asia-Pacific region, enabling banks, payment providers and corporates to make instant payments into-and-out of the country using blockchain.’
The news was enough to see ripple claim third spot in terms of market cap once again. Stealing the spot back from the embattled bitcoin cash.
Bitcoin Cash flounders
Speaking of bitcoin cash, the altcoin is not faring too well.
After making a strong move higher last week — just shy of $600 — the coin has come crashing back down. And it seems traders are steering clear.
Trading volume has stagnated over the past 24 hours. It could be a sign that everyone is looking to the potential hard fork in November for answers. The potential split could be bitcoin cash’s make-or-break moment, but only time will tell.
Zcash’s flash in the pan
Last week, Zcash made headlines after a 41% jump in price in under an hour.
The price went from $370 to a high of $523 last Thursday — an incredible surge before the price eventually corrected itself.
The reason for the spike was down to a rumour that Zcash was being listed on South Korean exchanges. Which did in fact prove to be true, but the market just got a little too excited about it.
The coin has now fallen back down, but interest continues to grow.
Junior Analyst, Money Morning