At the moment of writing, total crypto market capitalization was $765,977,196,526, or just above three quarters of a trillion.
At the end of the year, total market cap was $612 billion, so that means in just 4 days, crypto market cap gained $153 billion.
Stop for a while to ponder this (and I'm not telling it in a "struck with awe" way, but rather in a "what the fuck is going on?" way).
A look at the Bitcoin dominance, or the distribution, gives a bit more insight:
The biggest growth came from Others alts and Ripple. Bitcoin has less than one third market domination now.
While I'm moderately happy to see alts thriving (or at least creeping into Bitcoin territory) the fact that a non-decentralized crypto currency, used mostly by banks, gained so much influence in so little time, worries me a little.
Even the name is creepy, if you think at it: if something goes wrong, that can send endless "Ripples" to the most remote corners of the financial system. Stellar is not semantically far too: if something goes wrong, we may see a "Stellar" clusterfuck.
I may be just overly cautious here, but I'm telling you: something is very intriguing these days in the cryptoland.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
This is crazy, I never expected it to happen so fast
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I been TELLING YOU...if/when the economic crash comes...crypto is the airbag.
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Hello, I set up my blog on steemit. I like to take a selfie, travel, contact me, enter my blog and see what's new https://steemit.com/life/@beyonndkiller/asia-s-latest-selfie-sexy-goddess-daily-life4
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Another day another dollar. Get your umbrella out, its raining crypto
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It's heading to the TRILLION very soon.
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Read my lips. It's happening before the end of this month. Hahaha
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Trillion dollar market is possible even before the end January 2018... Things look really exciting in crypto space.
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Its rippling all over crypto land.
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Well, I was a Cardano fan, but I sold mine with just an hour before the main pump, and now I think a lot if I should go back and buy them or wait for a correction. I don't know what to say about this, but it seems to me that soon, Bitcoin and the rest of the forks of it will not be in top anymore. I think people have started to see the limited scaling possibilities it has. Maybe this is one reason why Steem had such a bull run lately. To end this comment I would also say that even if we don't like the institutional money from Ripple, it will be here for much longer or it could just surpass Bitcoin and reach first place which would not be a happy scenario thinking that crypto world at the beginning was introduced to offer a free market not influenced by banks or governments.
As you once said, We are living interesting times...
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I sincerely see reason with you here, it would definitely defeat the aim.
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I think it is too early to reach this kinda conclusion.
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It may be early or scary, but I think this is what it seems, and I accept that I can be wrong interpreting these signs.
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Yes surly more money in the system just helps legitimize the other altcoins?
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Eh, do some more research. Ripple may not be as centralized as you think.
It's centralized to an extent, but most cryptos are to a certain extent. Look at Steem and all the drama going on due to certain people getting huge rewards from 1 person. Is that really decentralized? Decentralization in my eyes would everyones vote would be worth the same. Bitcoin is in the hands of a few mining pools that have made several attempts to hijack the coin for their gains.
Just my opinion.
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That's equality, not decentralization, and it's impossible, Ripple is a liquidity pool for banks and in order to fulfill its function it must be centralized.
I'm not 100% against centralization or 100% pro de-centralization and I think in most cases a decent imx between the two should be a solution, but this massive influx of money intro a very narrowly controlled asset makes me think... That's all :)
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True.
I think it's the rumor mill driving a lot of it currently and then fomo, but I'm going to be taking my profits and running soon enough.
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Ripple's growth rate is absolutely in the "wow" class (at least to me) and the fact that it is owned and not decentralized I agree is somewhat a threat, I'm keen to see what comes out of this one.
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I prefer to exclude Ripple from considerations when looking at market cap.
Ignoring speculators the people who invest in it are not investing in crypto per se, they are investing in traditional finance, albeit an edge case.
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That will certainly paint a very different picture.
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This post got me thinking. Consider ERC 20 tokens for a second. They are all built on Ethereum right? So in one sense this could be considered the reason Ethereum had any value, i.e. The use cases for Ethereum.
Is it then double counting to include all the erc20 tokens when looking at market cap? I know it's not exactly double counting as money has been invested in all of these tokens but it's an interesting idea to explore.
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@dragosroua I know they say it was the coin of 2017 but I am really skeptical about Ripple. I know anything is possible in world of crypto but Ripple? Seriously? Is this what we all really want?
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It's really skeptical & I doubt ripple is that solution we all crave for..............
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If the pump is institutionalised, i am afraid too, it will take crytoland 2 years back.
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@autofreak I agree! I think there is something fishy going on and I would not be too surprised if it is planned attack on the crypto world.
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If the current market was a party they would all call you a party-pooper :)))
But it does smell like something is about to happen.
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@dragosroua we are not stopping here, we are going over a TRILLION FAST !!!
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Honestly I trust Stellar the most from current top 10, other than BTC, because they have been giving airdrops to community, encouraging HODLING of BTC :D
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Thank you
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i love your post
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I may be just overly cautious here, but I'm telling you: something is very intriguing these days in the cryptoland
I concur with you @dragosroua, one has to watch very closely............
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This is great news to hear. It's such amazing growth in such a short time. I think it's time for the alts to grow.
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how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions @dragosroua
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ha ha this is very true 'if something goes wrong, that can send endless "Ripples" to the most remote corners of the financial system" :)
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Thank you for this publication
I am new to the site of Steemit
I learn a lot from some of the friends I own.
Bettkin has crossed record numbers but we do not know whether it will continue to climb
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great analysis my friend.. What do you think about Steem??
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this is my 1st time to hear about ripple.should do some survey and find more about it.anyway thanks for the post.sorry for not being able to put a quality comment. that is because im still learning the basics
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Hey @dragosroua thanks for the updates :-)
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Great information and good update
Good luck 👍 my best friend @dragosroua
Keep it my sir😉
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There isnt going to be always a holiday. So rip as much as you can on uptimes
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amazing, i see ripple almost reach bitcoin. It worried me. what you think.
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Hey @dragosroua you always come with a very good research work. And I'm happy that you're connected with me in this awesome community. Lot of things I have learnt from your blogs and the practice is continue. I think everyone who has invested in altcoins or have sufficient steem should celebrate some party. And I guess you are so happy at the moment. I wish you all the best for year 2018 and for your great work. Keep it up man.
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Extraordinary investigation my companion..A debt of gratitude is in order for sharing it.
Upvoted and resteemed
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fabulous one,,,,,,,,nice to view
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Honestly, this is just the beginning....
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boom cash is coming from all over
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You sound more pessimistic than optimistic in this post. I am curious what you would mean by stellar causing some concerns? Also xrp rising is a concern for me too. The coin or token is so opposite from other cryptos yet it is mooning. I have notice the hottest trade right now is xrp to bitcoin. Could it possibly be the banks are now pumping xrp so they get a bigger piece of the bitcoin pie? Thanks.
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Both Ripple and Stellar are using the blockchain as a sort of a "glue" or "liquidity pool" for the banks. Using blockchain for that is smart and it generates benefits. But if the token used as a proxy in this process is getting pumped, then markets can get imbalanced. I'm not pessimistic, by the way, just curious.
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I see. And here I was reading twitter feeds saying invest in Stellar when in fact it is another bank affiliated coin. I am with you on the imbalance. This may become a great unwind later down the road when so many new investors pump money into crypto and evaluations get extended for coins that are not justifiable. Thanks.
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Thanks for posting this graph. What is your view on the steem and SBD prices ? Do you think the current run on steem is just a pump ? Or do you think it is the next phase of the platform?
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