19 Jun 2018 Arjun Agarwal
Crypto Market Cap Shoots Up by $13 billion
Currently, the crypto market capitalization is valued at $289.2 bln, with a spike up of $13 bln in one hour, achieving levels close to the weekly high on the 12th June valued at $300 bln.
Bitcoin (BTC) exchange rate is $6,735 at the moment, a reasonable increase in its value today, making up for its intraday low around $6,400.
Ethereum (ETH) saw a 4 percent ascend in the previous week, exchanging around $520. Similar to Bitcoin, Ethereum's bounce started in the late evening on the 18th June, after the coin lost ground beneath the $500 stamp to exchange as low as $492.
Following the price drop of the altcoin on the 14th June, it restored higher values, following positive comments from a senior official at the Securities and Exchange Commission (SEC) that under the U.S. law Ethereum won't be liable to a securities order.
Looking at the top 10 coins, they all see an increase, led by Bitcoin Cash (BCH) and Tron (TRX) which boosted their values by 5 percent on the 18th June.
This week’s price spike comes up regardless of a blistering 24-page article published on the 17th June by the Bank of International Settlements (BIS) that took prime positions in the crypto news world and influenced the price of all cryptocurrencies. The market resisted and created a sharp rebound a day later.
The BIS – an association with nearly 60 national banks in its network – expressed sharp criticism of the digital forms of money, such as Bitcoin which depends on Proof-of-Work agreement systems and permissionless blockchains, asserting they are not a good alternative to cash in the worldwide economy. The report even raises an alert that the communication volume and capacity requests related with mass crypto reception could also break down the Internet, the way we know it.
Bitcoin Ethereum TRON Bitcoin Cash Crypto Market