The total market cap for all digital currencies reached a new all-time high today, standing just under $25 billion, with 24 hour volumes at near $1 billion, as spring seems to have ushered in renewed optimism.
Just days after SEC rejected the bitcoin ETF, the millennial generation appears to be even more interested in decentralized free market money, with bitcoin rising from a low of $1,050 on the day of the decision to now stand around $1,230, $30 above gold’s price.
The second biggest digital currency, ethereum, has made considerable gains, rising above $30 and securing a market cap of near $3 billion, the highest ever achieved by any digital currency except for bitcoin.
In third position, coming from no-where, Dash continues to puzzle. The currency has risen from $10 to almost $80 in just one month, reaching a market cap of half a billion, twice that of Monero. No one can say why. There is no real news, nothing appears to have changed except for a marketing push.
As such, many are calling it a pump and dump. The currency has only around 7 million coins, with almost 2 million of them mined in the first 48 hours. That would be sufficient to run some 2,000 masternodes, or close to half of all masternodes.
These nodes attract 50% of daily coin issuance, further concentrating coin ownership while having considerable say over what project is funded. In short, playing with Dash may be no different than playing with fire.
Even LTC is up today, that grey boring thing that gives us journalists nothing to talk about, except segwit, a topic beaten to death in the bitcoin context. They waiting for its activation, but it seems to have stalled at around 20% for a month or so. Nonetheless, some are betting on a pump – maybe, who knows.
There is one newcomer, shadowcash. This is a fairly old IPO-ed currency back in 2014 which stands out for climbing up the market cap. I heard they are to launch some anonymous decentralized market so I went to their slack for some quick answers, but, instead of jumping at the opportunity, they went on to chat about weed psychosis.
Welcome to the digital currency space, where you have the innovators next to the opportunists, the visionaries next to the idiots, some scammers here and there of course, next to the builders of tomorrow. A leveler of all. Bankers next to techies, artists next to scientists.
Our space is booming. Even beyond, the economy is up, stocks are up, unemployment down. The good times have arrived. The roaring 20s starting earlier this century. The headache will hurt, but, for now, the party is on.
Image from Shutterstock.
Last modified: May 21, 2020 10:01 AM UTC