The bitcoin rate rose above $ 18,000 this Friday, facilitated by the transfer of traders’ capital from the altcoin market to the largest cryptocurrency market. Many large altcoins, including Ethereum, lose their positions during this week.
Today, the figures turned out to be mixed, but the strength demonstrated by Ripple, bitcoin and a few large coins, allowed the segment’s capitalization to rise above $ 530 billion for the first time.
Although this value alone is not remarkable, it is still of interest because it was largely achieved thanks to the “network effect” with which strategist Tom Lee links the growth of the cryptocurrency market this year. Having reached a capitalization of $ 530 billion, the segment of the cryptocurrency surpassed Facebook, another market giant, whose valuation is based on the network effect.
Most of the currencies on this Friday are characterized by negative indicators, but bitcoin is not among them. Over the past 24 hours, his rate has grown by 8% and at the time of publication is holding about $ 18,000, slightly below the recent high. The capitalization of bitcoin is $ 300 billion.
This jump to a certain extent is associated with a fall in the rates of alctoins, which grew in the middle of the week. For example, the Ethereum rate climbed to a maximum of $ 752, which led many investors to believe in the early reaching of $ 1,000. However, the coin fell 10% to $ 620, after which it won back some of the positions. The capitalization of Ethereum is $ 65 billion.
Altcoins are characterized by mixed indicators. Some cryptocurrencies significantly grown, but most continued to fall. The market capitalization of altcoin fell by $ 6 billion per day and is $ 227 billion.
Ripple is one of those who managed to maintain an upward trend. Fueled by rising interest among Asian investors, Ripple peaked at $ 0.892, after which it returned to $ 0.78. Nevertheless, over the course of the day the rate of the cryptocurrency increased by 33%, which allowed it to occupy the third place in the list of the largest digital assets.
To rise to this position, Ripple had to move immediately two coins: Bitcoin Cash and Litecoin, each of which in the last 24 hours lost almost 12%. IOTA and Dash, meanwhile, fell by 6%.
In addition to Ripple, the interest of cryptocurrency investors continues to attract Cardano, which rose by 45% and quickly broke into the top ten, straight to the eighth position.