Bitcoin had a significant bull run during the first two days of the year followed by a major downturn after nearly reaching its all-time high. During this turbulent price volatility all cryptocurrency market capitalizations have been affected. Currently at press time the number one digital asset, bitcoin, is trading at daily volumes of $300-400 million USD during the first week of January. Bitcoin’s fiat price value came dollars away from reaching its all-time high, reached in 2013, touching the $1145 range across global exchanges.
Bitcoin’s price has reached lows of $875 over the course of January 5-6. Speculators believe the decline is due to fears stemming from China’s central bank, the People’s Bank of China (PBOC) warning about bitcoin price volatility.
Top ten cryptocurrencies had significant upward percentages when bitcoin reached its highest point. This includes notable increases from Monero, Dash, Ethereum, and Ripple. However, when bitcoin’s price took a dive, the top tokens followed suit.
The second most valuable crypto-asset Ethereum picked up some steam during bitcoin’s bull run, but is currently down -1.62% with a market capitalization of $855M. Ether tokens reached a high of $10.90 per ETH but has since fallen to $9.70 per coin.
Ripple’s price has seen a slight increase and has not followed suit with bitcoin’s dip. The price of the #3 cryptocurrency, Ripple XRP, is a touch more than half a penny with a market capitalization of $229M at the time of writing.
The current fourth top spot is commanded by Litecoin at the moment with a price of $3.91 at press time. Litecoin came close to touching the five dollar range on January 1-2 but has since corrected. LTC is down -12.64% and is back to its original position before the 2017 big price push.
Monero is currently the fifth highest market capitalization amongst its peers with its fiat value at roughly $13.50 per XMR. The privacy-centric cryptocurrency has been widely viewed as the top performing digital asset of 2016. On the first two days of January in a close relationship with bitcoin’s price rise Monero reached a high of $17 per XMR.
Ethereum Classic has been performing quite well even before the bitcoin bull run showing the cryptocurrency may be breathing new life. Dash has had an exceptional run over the past six days reaching a high of $15.70 but has followed the same path as the rest of the top altcoins.
At the present time, Ethereum Classic is number six, Dash holds the seventh position, Augur is number eight, Maidsafecoin nine, and Steem barely holds onto the tenth position.
Cryptocurrency markets currently show a lot of instability, and this will likely continue over the next few days until a firmer price position is found within the bitcoin market.
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