Over the last year, cryptocurrenices have seen a lot of volatility in the market. While there has been an influx of fresh capital, some investors have also left the market.
Additionally, this caused shifts in the market caps with XRP overtaking Ethereum recently. Similarlty, there has been rapid drop in the number of coins at the $1 billion market cap threshold.
Cryptocurrencies Losing their $1 Billion Market Cap
During the last few weeks, the market experienced a rapid drop in the number of coins that fulfill this threshold. As compared to 25 digital coins with $1 billion market cap a few weeks ago, this week has only 14 digital coins are left.
While this confirms that investment is booming for reputed digital currencies like Bitcoin, it also shows that other lesser known or new coins are losing market share. However, this will definitely change once the market settles down.
Some of the coins which have lost their market share include NEO, NEM & Ethereum Classic. But these currencies have always been on the brink of losing some of their market shares.
$500 Million Market Cap
There is a wide gap among different cryptocurrencies despite their age. Presently, only 19 digital coins have a market cap of over $500 million, which is quite impressive in the present market scenario.
Considering the volatility of the market Dogecoin is the one that took the heaviest hit. After reaching $750 million cap a few weeks ago, it dropped to $307 million again. The digital coin has a lot of work to do in order to enhance its market cap.
Another coin that experienced some changes is Tezos. With $766 million value, it might reach the $1 billion mark at the end of the year. However, the value might also dip by the end of 2018. VeChain is one more cryptocurrency, which has entered the limelight. In fact, at $756 million, it still needs some work to reach the $1 billion cap.
One of the basic problems involving cryptocurrencies is that reaching a high valuation is quite difficult. Outside of the 25 digital coins, most have a market value of less than $300 million. Interestingly, we still have to see what the last 43 days of 2018 will bring for the cryptocurrency industry.
For all other cryptocurrencies, there is still plenty of work to do. While there might not be massive change in values, a rise to $140 million market price is possible.
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