Last week saw bitcoin hit past $18000. This caused some negative effects on some digital currencies like Ethereum. However, some other coins recorded gains and this raised the market capitalization to a new $530 Billion, about $19 billion more than it was before.
This was notable because the joint market cap for all cryptocurrencies is now more than the market capitalization of the most popular social network: Facebook.
Bitcoin price keeps growing
Last week’ sevent really made some digital currency to experience a slight decline, especially last Friday. But bitcoin in particular recorded about 8 percent consolidation, rallying past $18000.
As at press time, bitcoin is trading at an average of $18,134 globally. And this has taken its market capitalization to about $303.6 Billion.
Effect on Ethereum
Ethereum is one of the cryptocurrency that recorded gains and is trading at an all time high of $752. This prompted many investors to once again believe in it as they now see it crossing the $1000 mark in coming weeks.
Unfortunately, the Friday decline did affect Ethereum too, making the price fall to $653. The resultant effect translates to it’s market cap going to $63 Billion.
With or without bitcoin’s help
One interesting thing about the whole push up of the cryptocurrency cap is that little did it need the help of bitcoin. True, bitcoin is the largest and most popular digital currency but the gains recorded by lesser coins have been majorly responsible for the whole success.
For instance, Ethereum made notable advances multiple days in a row except for Friday. Bitcash also rose marginally. Ripple and Litecoin also made major profits.
So it is not all about bitcoin, though it’s importance can never be underestimated. But with or without it, the crypto industry will continue to grow.