The overall value of the global cryptocurrency market surpassed $700 billion on Wednesday to reach a fresh all-time high, with bitcoin's share of that fortune shrinking.
Here are the standings as of Wednesday morning:
Ripple (XRP): $2.582 (+18.33%)
Ethereum (ETH): $875.75 (+1.74%)
Bitcoin Cash (BCC): $2,615.13 (+2.75%)
What's happening:
- Bitcoin’s share of the cryptocurrency market hit an all-time low thanks to huge surges in the market caps of smaller digital coins.
- Bitcoin got a boost Tuesday thanks to a WSJ report which said Peter Thiel’s Founders Fund had amassed a substantial holding of the cryptocurrency.
- The cofounder of Ripple is now one of the world’s richest people thanks to his significant holdings of XRP, which has skyrocketed over 37,000%.
- Overstock is the "clear leader" when it comes to emerging blockchain stocks, a D.A. Davidson analyst said Wednesday.
- Finally, Israeli online trading platform Plus500 raised its profit forecasts for the year on Wednesday, saying it has benefitted from the booming popularity of cryptocurrencies like bitcoin.
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