During the past week, digital asset markets experienced some selling pressure causing the total market cap to dip back to the 200 billion dollar valuation. Bitcoin total market share also increased to 56% which is a new high for the year.
Despite the lackluster week, I noted three projects whose price not only went against the trend but these projects pushed further into the upper echelon of market capitalization. The three market standouts are Dogecoin, which rose 30%, increasing its market capitalization to nearly 800 million dollars and giving it the number 19 ranking on CMC, Bitcoin Diamond which rose more than 67%, and rounding out the top three is Waves which increased 9% during the past seven days.
Today’s digital asset trading session was clouded by the SEC statement that they were suspending trading on the Bitcoin ETN (CXBTF) and Ethereum ETN (CETHF) which has been trading for many years overseas, but less than a month in the US markets. This brought more nervousness’s regarding the US Governments upcoming decision on the Bitcoin and other digital asset ETF’s which are expected later this year.
During the past week, I had the chance to have some in depth dialogues with community members as well as the Head of the $PAC project and wanted to show some longer dated charts of the broader cryptocurrency market to put some perspective on the block chain markets total valuation.
12 month chart, Total market Cap, chart courtesy of coinmarketcap.com (Linear Format)
September 10, 2017 the all block chain projects listed on CMC were valued at 147 billion dollars, and today the valuation sits at 200 billion. Despite the fierce bear market of 2018,it appears that long term diversified blockchain investors still have nice gains on their balance sheets.
The next chart is the total market cap of all CMC listed block chain projects from January 1, 2017 to September 10, 2018.
The past 20 months in the publicly traded block chain markets have been the most interesting and fascinating markets I have ever been a part of. I go over some of the numbers and that will be the conclusion of this weeks blog.
January 1, 2017 … CMC Block Chain total market cap .. 17 billion dollars .. As a comparison one could theoretically own 85% of the entire Ethereum token supply and that would cost you 17 billion today
January 2017 to June 2017 . Digital asset total market cap increased 650%
In a three weeks in the middle of the summer the market is pummeled losing 43% moving from 114 bb to 65 bb
Late July into August, market rallies 268% setting a new record high valuation of 175 bb
In the two weeks following Labor day, digital assets experienced significant selling falling by more than 30% in two weeks.
The market’s trend changing low was made as Wall St closed on the Second Friday after the Labor Day Weekend. This was the last true buying opportunity in 2017.
Friday September 15th the digital currency total mark cap dipped to 118 billion dollars. Less than ninety days later on January 9, 2018 the cryptocurrency markets reached a record high valuation of 838 billion dollars.
In just one year the whole cryptocurrency market moved from 17bb to 838 bb , which represents a 4900% return
From January 1, 2017 to present the cryptocurrency total market cap has increased 1175%
With this blog being a PAC property and they are the guys who allow me to share my information with all of you i wanted to close with a little screenshot of the progress the $PAC leaders and community have made in the past year
If you opened coinmarketcap.com one year ago on September 10, 2017 and scrolled all the way down, this is where one would have seen the pac project
Just one year later the leaders and team have turned something that was down for the count into third largest block chain network.