The market cap of all digital currencies just surpassed $42 billion, up $4 billion in just one day from $38 billion as interest in this space continues to reach new highs almost daily.
Everything is up. 10%, 20%, 30%, everything is green. But there’s something interesting. You see that sort of straight line around the 2nd of May there in the chart below? That’s a two-day period when everything was down, except for bitcoin which has gone up by some $200 in the same time.
The total market cap of all digital currencies spikes to a new high.
The interesting thing here is that the total market cap of all digital currencies did not change, even though bitcoin was going up and up. Why? Well, your guess is as good as any, but mine is that the event was just re-shuffling from other coins to bitcoin, instead of outsider’s interest.
Now look at the line since yesterday, it’s straight up, $4 billion added to the total market cap in one day. That might suggest other currencies, except for bitcoin, are attracting outsider interest.
Can’t really blame them. I went to r/bitcoin yesterday to check-out what was happening and my blood pressure went up considerably. It was all just angry statements, two minutes of hate, vitriol…
I see today they’re a bit more cheerful, with almost every post saying price is at $1,500 or has gone up or whatever. Yeah, ok, we get it. I came here to find some news… do you have any? What’s that? Something, something Japanese? That’s old news mate, old news!
Alright well let’s go to eth. It’s gone up $10 since yesterday, finishing another ICO which raised some $12.5 million in around 30 minutes for a smart contract Visa debit card. It didn’t go too well because of two “errors.”
Firstly, not everyone received the same amount of tokens for the same amount of dollars. Secondly, not everyone was insta-accounted. So now there has to be some “remedial action.”
That’s just the latest news, there’s much more I’ll be covering on its own article, but what is going on with litecoin? Thing has gone up around 30% yesterday, joining the $1 billion club.
After many “two weeks,” Coinbase finally added them. I thought it’ll never really happen, but, it happened. So they all partying now, repeating to themselves “Coinbase added litecoin” and “price is up.” Ok, we get it, we get it.
Just noticed dogecoin is still around, and they up! All happy as always, with their much wows and such moons, wondering how they can into Coinbase. Maybe howl at them?
The boom times are here folks, so turn the volume up, down the champagne, and dance like it’s the 90s because when the music stops you’ll probably get a hangover whether you partied or not.
Now when will it stop no one knows. It could be tomorrow, it could be next decade. That’s why ancient wisdom says diversify, keep most of your savings in boring safe assets, some in medium risk and the smallest amount in very risky digital currencies. Because they could go down. There have been times they have gone down 70%. So, act accordingly.
Disclaimer: The views expressed in the article are those of the author and do not represent those of, nor should they be attributed to CCN.
Featured image from Shutterstock.
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