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Dogecoin Market Cap Hits $1 Billion, to Its Creator's Dismay

Dogecoin, the parody coin named for an internet meme featuring a Shiba Inu dog, has broken off the leash.

Nearly forgotten since its heyday in 2014, over the past month the cryptocurrency’s price has increased more than 400 percent, setting a new all-time high Thursday above $0.01.

This price surge pushed dogecoin’s market capitalization above $1 billion, data from CoinMarketCap shows.

Yet while more than $101 million in trading volume was seen in dogecoin over the past 24 hours, the creator of the project is worried this is a sign of market excess.

“The fact that most conversations happening in the media and between peers focus on the investment potential is worrying, as it draws attention away from the underlying technology and goals this movement was based [on],” said Jackson Palmer, the founder of the cryptocurrency who left the team in 2015.

He continued:

I have a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.

But while current dogecoin developers seemed equally surprised by the momentum, they showed more enthusiasm.

“To me, this proves that we don’t need shiny features or a ton of innovation and even with a conservative – and in my own case completely distracted – development team for a boom,” said developer Patrick Lodder.

Max Keller, another dogecoin developer, echoed that sentiment, saying, “It’s a little scary when you work on software that powers a billion dollar network. This is quite the responsibility. And also one of the main reasons why we are so reluctant to just slap any ‘innovative’ tech into the reference client. Still, I am proud of what we achieved and thankful to be part of such a great community.”

According to data from CoinMarketCap, the price of dogecoin started to climb around May 2017 after years of stagnation. Technology development on the tongue-in-cheek token has proceeded in fits and starts, namely because its developers are all volunteers, contributing to it in their spare time.

Bailey Reutzel contributed reporting.

Dog image via CoinDesk’s archive.

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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$1,000: Ethereum Tops Price Milestone in Market First

Days after hitting $900, ethereum’s native ether token, ether, has topped $1,000 for the first time in its history.

After spending two days mostly below its previous high of $900, ether went on a rally Wednesday, and hit its latest milestone of $1,000 early Thursday morning, according to data from CoinDesk’s Ethereum Price Chart (EPI).

Despite this rally, it remains as the third largest cryptocurrency by market cap, having recently lost the second place spot to Ripple’s XRP token. According to data from CoinMarketCap, XRP’s lead has grown to more than $40 billion in the last day.

Thursday also saw the overall cryptocurrency market cap jump past $770 billion according to CoinMarketCap, marking new highs just weeks after a correction saw the figure drop to $418 billion.

The largest cryptocurrency by market cap, bitcoin, is down on the day, having dropped from its week’s high of $15,393, according to CoinDesk’s Bitcoin Price Index (BPI). Bitcoin has mostly traded sideways over the last week, with prices staying in the $13,000 to $14,000 range interrupted briefly with a drop to nearly $12,000 on Dec. 30.

Bitcoin’s dominance in the cryptocurrency market cap remains just below 33%, having dropped from 43% over the last week, according to CoinMarketCap.

For more on ether’s recent performance, view our 2017 in Review recap here.

Rocket image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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Ethereum Elevated to Record High

While most of the attention as usual has been focused on Bitcoin and the newly launched Chicago Exchange futures contracts, Ethereum has been pretty flat. That was until the Asian trading session this morning which saw the crypto asset surge to all-time highs.

Crypto mania resumed this week after some pretty wild chart swings over the weekend. Bitcoin gained and lost $5,000 within 48 hours and Litecoin made its best ascent to date, also reaching all-time highs today.

Ethereum has been more stable throughout all of these altcoin roll coaster rides, trading around the $450 level for the past three weeks. The rumble started around 23.00 UTC yesterday when ETH broke key resistance levels and headed upwards of $500 for the first time. It continued skywards to reach an all-time high of $553 according to Coinmarketcap.com before pulling slightly back to $546 where it currently trades at the time of writing.

Market capacity has increased to from $46 billion yesterday to $52.6 billion today, it continues to climb and secure Ethereum’s place as the number two crypto currency behind the big daddy Bitcoin. Over the past 24 hours trade volumes have exceeded $2.5 billion and Coinbase owned GDAX recorded the highest turnover with almost 11% of the total volume. Second exchange was Bitfinex with 9.7% of the total followed by Korean exchange Bithumb. The three exchanges combined have processed over $700 million in Ether since this time yesterday.

The CryptoKitties craze contributed to Ethereum’s previous flirt with $500 but it was unable to maintain those levels. The market took its time to recover from network congestion and all eyes were on Bitcoin as it jumped over 60% in a week.

Ethereum’s recent rally is likely to be a result of the network’s smart contract capability being utilized by Switzerland’s largest banks in preparation for new European financial regulations. Other news reports revealed that Barclays, Credit Suisse, KBC, SIX, Thomson Reuters, and UBS will seek to automate Markets in Financial Instruments Directive (MiFID) II requirements with the assistance from smart contracts on the Ethereum blockchain.

The initiative allows financial institutions to meet more stringent regulations on a common platform that will enable industry-wide reconciliation. At the time of writing Ethereum is up 18.5% in the last 24 hours, it has already broken key resistance levels and is likely to climb further.

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Cryptocurrency Market Continues to Set New Highs

Cryptocurrency remains in the news with new all-time highs in total market caps and individual trading prices. Complete market capitalization has finally surpassed $200,000,000,000 with future growth nearly guaranteed. The crypto-market opened the 2017 calendar year at just $40 billion. The 500% market growth shies in comparison to the rapid ascension of the individually leading currencies:

Currency Current Value ($) 1/1/17 Value ($) YTD Growth (%)
Bitcoin 6589.03 963.66 684
Ethereum 330.22 7.98 4138
Litecoin 62.62 4.30 1456
Monero 123.02 13.79 892

The cryptocurrency market (and related blockchain technologies) has ascended into some of the most attractive investing sectors over the past 18 months. New financial interests have resulted in this rapid increase in market value and the resulting market cap. Many of the leading figures within the market have seen marginal increases in their own valuations across the same time span.

  • Global Blockchain Technologies Corporation opened the year at $0.31 and holds a current value at $1.98.
  • Bitcoin Investment Trust rose from $116.75 to a present $843.01. The 722% rise comes eve after a drop in value over the past couple weeks.
  • Riot Blockchain Incorporated entered 2017 at $3.82 and has nearly doubled to its holding of $6.95.

Expectations are that the market cap will see a subsequent fall in value. Increases in values peaked twice earlier this year before seeing major devaluations over the next month. June’s peak at $116 billion was followed by a trough at $67 billion in July. September’s record high of $177 billion was met with a drop under the $100B mark just two weeks later. The present market cap has already dropped from a high point of $212B. It remains unclear how far it will drop in the coming weeks, but a subsequent rise would match the calendar year’s regular trends.

A growing number of investors within the market means future growth is essentially inevitable. Companies such as Vemanti, who recognize favorable markets, have expressed growing incentive to become financially involved within the market.

Target cryptocurrencies are constantly changing given the fragility of daily values. AlphaCoin, Antonio, Mercury, EarthCoin, and Nuls lead recent favorites with values greatly exceeding their starting prices.

Bitcoin Investment Trust will continue to be a major figure in the market with the launching of its third investment vehicle – Zcash Investment Trust. Securities invested specifically in Zach will provide shareholders and prospective investors with more efficient, more convenient workings compared to prior ZEC investing.

Overstock similarly broke into headlines with the accounting of their third quarter earnings for 2017. The company reported net incomes of nearly $5.9 million. A major factor in the quarterly performance was the gain on sale of both metals and cryptocurrencies. This represents more than 450% in income growth compared to 2016’s 3Q.

Similar stories have and will continue to emerge from related companies who have placed a greater emphasis on the crypto-market. Increasing numbers of investors will lead to the continued growth of the market cap, and a similar rise in cryptocurrency value over the long-term.

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Bitcoin Easily Hitting $10,000 in 2018 – Mike Novogratz Future Prediction

The Hedge Fund legend Mike Novogratz speaking on CNBC predicted that Bitcoin will be skyrocketing in under half a year up to $10,000.

In the interview – on Wednesday, Mike has expressed publicly his bullish prediction on the Bitcoin market while saying that he will be launching a $500 million hedge fund as he can “hear the herd of bulls coming.”

“I’m pretty confident to say it’s going higher,” he told host [] on the network’s Fast Money segment.

“…It would not surprise if in the next six to 10 months we’re over $10,000.”

When it comes to Bitcoin’s growth being a bubble in the industry, Novogratz simply replied: The technology of Blockchain is a revolution and it would change the way wee see things and live.”

“Yes, it’s a bubble, it’s going to be one of the great manias of all time,”

“Bitcoin happens to be the bellwether of this entire decentralized revolution, so it’s the easiest way people get gain exposure to it… Things like Ethereum I think will be the public utility of this new space.”

Bitcoin now is trading just below the major $5,000 mark which is very critical to be closed successfully above so the value would have opened gates for more gain. The recovery surge is quite stable despite the recent news from Russia, which allegedly is preparing to ban cryptocurrency sites where retail investors can gain access to virtual currency exchanges.

The same event that took place in China almost a month ago, was shaken off by Bitcoin’s community and traders as the market restructured while the investors moved to Japan or South Korea, in which countries trading would benefit both parties: exchangers and users.

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