Market Report: Crypto Asset Market Value Crosses $365 Billion

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • The market capitalization of all 5,700+ crypto coins witnessed an increase by over 2.4% as recorded on Friday
  • Bitcoin is now trading just above the $11,800 mark
  • Ethereum and XRP are up by 12% and 8% respectively, while the report says LINK may have ‘rough waters ahead’

If you’ve been contemplating an investment in digital currency, rest assured, the moment has arrived. The crypto market witnessed a spectacular high this Friday, with an increase of over 2.4% as the market capitalization of all 5,700+ coins. All the impressive percentage gains resulted in the crypto-asset market touching $365 billion yesterday.

Bitcoin could hit $14,000 Next

A tweet by trader and analyst Jacob Canfield says that there’s a strong possibility of Bitcoin price hitting $14,800 per coin in the near future.

This doesn’t seem unlikely, as data reveals Bitcoin is now trading just above the 11,800 USD mark and gained over 2.7% on Friday. It also touched  28% plus in the last 30 days and has witnessed a steady rise of 26% over the last 90 days.

Ethereum steals the show

Ethereum (ETH) emerges as the leading cryptocurrency in the market study, with a whopping 12% gain and 85% boost during the last 30 days. Last recorded, the world’s second most popular cryptocurrency was trading at $442 per coin.

XRP, Tether, USDT and LINK

In the third position in terms of market cap stands XRP, which is up over 8% today and is currently trading for $0.30 USD per coin. Moving on, Tether is still witnessing massive trade volume, while USDT’s $12  billion market valuation holds on to the fourth position. Another forerunner this week is Chainlink (LINK), with its price peak at 18.00 USD. The token is trading for $16.77. This also holds the fifth-largest market cap.

Bitcoin Cash

Up by over 4%, Bitcoin Cash (BCH) is swapping for $296 per unit, and the peer-to-peer digital currency has gained by 30% in the last month, touching over 25%  in the last 90 days. With $5.4 billion worth of market valuation and $767 million worth of global trade volume, the top seven pairs trading with Bitcoin Cash as recorded on Friday include tether (64.3%), BTC (16.6%), KRW (4.43%), USD (4.15%), TWD (4.08%), GBP (1.4%) and ETH (1.31%).

‘Rough Waters’ for LINK

Although  Chainlink (LINK) has performed exceedingly well, hit a whopping +68.7% last week and even beaten bitcoin cash (BCH) from the fourth position, the research and analysis firm Santiment, however, opines that it may see “rough waters ahead.”

Recently, the Chicago Mercantile Exchange (CME) joined the bandwagon as one of the largest Bitcoin futures providers with regards to the order of open interest. This has resulted in a reshuffling amongst the leading derivatives exchanges in the world as per volumes provided during the last two weeks. On August 13, CME posted approximately $800 million to secure its position as the third-largest derivatives exchange, and other leading Bitcoin futures movers now include Okex, Bitfinex, and Huobi.

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