The past week marked a notable change in the Crypto Currency Market. The story was truly about Bitcoin. Bitcoin was Down 8%, and total digital asset market cap was down 6%.
But … Coins 1-10 still represent 83% of the total market cap, which is exactly the portion they accounted for one week ago.
Earlier this month BTC accounted for more than 61% of the Crypto Currency Market Cap, and now is down to 44%.
BTC dominated earlier this month, as futures were listed on both the CBOE and the CME, speculators and new entrants rushed into Bitcoin as it still has the most name recognition in this asset class. The BTC to total market cap value will most likely continue to decrease as both new market participants as well as those taking profit look for other currencies with strong communities and growth potential.
35 Currencies now have market caps over one billion dollars and one of the newest entrants to the one billion dollar level was DOGE coin, which was up 55% in the past seven days.
DOGE is now number 34 with a valuation of just over one billion. To the blind eye, one might say how and why is DOGE in the “Billion Dollar Club?”
In my opinion, there are multiple reasons why. DOGE Coin is one of the most popular coin pairs in the Crypto space. DOGE allows many smaller priced assets to trade with reasonable bid ask spreads.
One “Satoshi” represents .00000001 which is 1/100,000,000 of an asset price. With the BTC supply relatively low at 16 million coins, and the price above $16,000 this simply would not allow many assets to have a bid and an ask price, but DOGE coin provides a tremendous amount of liquidity to those priced at one dollar and below.
PAC coin had a historic week on many different fronts.
PAC/DOGE traded an all time high, and was up more than 166% in the past week, and now has a market capitalization of fifteen million dollars and ranks number 344 in Crypto Currency Market Valuation.
PAC in US Dollars reached an all time high as well.
PAC is now One Satoshi Bid vs Lite Coin
PAC has risen on tremendous volume trading nearly 20 times or greater than the
normal trading volume over the past four days.
The surge in volume started on Christmas Eve, and has continued to climb. The PAC community continues to increase in numbers as more investors find value in PAC.
In closing, compare the valuation of BTC to PAC.
BTC is still an astounding 17,500 times more valuable than PAC.