The past week, many notable and historic events occurred as we ushered out 2017 and began 2018.
The total Cryptocurrency Market Cap reached an all time high of 678 billion dollars.
Last week, I noted that BTC was down, but the rest of the market over all was up, as Bitcoin loses its percentage of market dominance. This happened again during the past week, as Bitcoin market cap decreased 7%, while the total market value of the entire asset class increased 9%.
The top ten still constitute a huge portion of the market currently 82%, but this is actually down 1% from the past week. Total Market Cap for coins one through ten is 557 billion dollars.
Bitcoin still has the name recognition, but as the market continues to grow, others are looking for new investments and opportunities.
One of the biggest stories was Ripple, which gained 105% and took over the number two spot in the currency space and now boast a 95 billion dollar market cap.
Three Coins have values of more than 50 billion dollars
Nine Coins have market caps of greater than 10 billion dollars
Fourteen are valued at five billion or more
Thirty Six Digital Currencies are worth more than One billion dollars
One of the stories of the week was PAC COIN
PAC Coin appreciated a tremendous amount on very heavy volume, which has set new record highs each day.
PAC Coin is trading a new all time high in US Dollars as in its DOGE-PAC pairing.
The recent investor interest has moved PAC into the top 150 coins, and now sits at #136.
I have to mention that it was just a few months ago that I had a meeting with Saul, and he shared his vision of what PAC coin could be. It was then I started to look at PAC and it peaked my interest. Months ago, it would have seemed insurmountable to have a currency in the top 200, now here we sit at #136.
Whether it is digital currency, precious metals, commodities, equities, fixed income, or any other asset class, one of the most important attributes is that an asset has a store of value. Markets determine this each and every second, and the more market participants that are in a market build confidence and allow more people to both enter and exit with a higher degree of confidence. The PAC market is very impressive as liquidity has risen dramatically over the past few weeks allowing those with larger capital balances to both enter and exit with minimal market disturbance.
Below are charts for Bitcoin, Ripple and PAC Coin