After a few weeks of profit taking in the cryptocurrency markets, buyers emerged and the total market cap increased 5% over the past seven days. Global digital currency market capitalization rose from 530 billion to 555 billion dollars.
Bitcoin dominance has steadied and is currently 33% of the entire market.
The top ten now have a combined market cap of 435 billion which is 79% of the total market valuation. This may seem like a high number, but currencies outside the top ten have been gaining market share little by little over the past few months.
There are 32 different assets with valuations at or above one billion dollars. This number has decreased slightly this year as the broader market has given up some of its gains, but still a rather respectable number.
Three coins I follow with liquidity in there respective trading pairs are BTC, LTC and DOGE. These three were relatively flat this week, with BTC being up only 2% while DOGE and LTC were each up less than 1%.
Next up is PAC Coin. PAC did shed a little market cap, but what has impressed me is that it has remained at or near the top 100 coins on coin market cap for the majority of the year. Many coins which experience parabolic gains go up quickly and down just as fast, but PAC has held steady between the number 75 and 125 spots in terms of total valuation. As I have noted in prior pieces, the dollar value of PAC is tied very closely to that of its trading pair. BTC, ETH, LTC, DOGE, etc. Since the beginning of the year, all of these coins have experienced some profit taking. No market goes up every day, nor does any market go down every day.
Most coins have very few days where there is an actual event which will affect price moving forward, but PAC is unique in that it has two events in the next 5 weeks which have drawn investor interest.
I will be looking at these two days closely, February 1, 2018 when the master node redemption begins and March 1st when the general redemption begins. For disclosure, I have owned PAC in the past and I currently am an owner. The PAC story has been nothing short of amazing so far, what they are doing is very unique.
I urge anyone investing in any cryptocurrency to do their own research, look at all aspects of the current coin and what the vision is for the future. Over the past year, I have watched this asset class and many of the coins in this space experience tremendous gains. If one is asking themselves how much a coin can increase, that is the unknown, the market sets prices, we are all just tiny pieces of the market. A better question is how and why a coin or any asset for that matter will increase.
I will close with a few charts, and look forward to the week ahead.
The One 888