Cryptocurrency Market Cap Adds $50 Billion as Ripple, Stellar, and NEO Surge

January 24, 2018 20:33 UTC

The cryptocurrency market cap added $50 billion on Wednesday, rebounding from a correction that caused it to dip as low as $415 billion last week. The rally lifted the bitcoin price above $11,000, while Ripple, Cardano, Stellar, and NEO all posted double-digit percentage advances.

Source: CoinMarketCap

At present, the cryptocurrency market cap is valued at $551 billion, which represents a single-day increase of 10 percent and a $136 billion recovery from last week’s low point.

Bitcoin Price Floats Past $11,000

The Bitcoin price posted a strong performance on Wednesday, rising nine percent to a present value of $11,360 on Bitfinex. This extended the rally that began on Tuesday afternoon, immediately after the flagship cryptocurrency made a brief foray into sub-$10,000 territory.

At present, Bitcoin has a market cap of $192.4 billion, meaning that it needs less than a four percent bump to once again cross the $200 billion threshold.

Bitcoin Price Chart

Ethereum Price Targets $1,100

The Ethereum price achieved a solid return as well, tracking the market index with a 10 percent rise to $1,050. Ethereum now has a $102.6 billion market cap, which makes it nearly twice as large as XRP, its closest competitor.

Ethereum Price Chart

Ripple, Stellar, and NEO Achieve Outsized Returns

Altcoins achieved a near-universal advance against the dollar on Wednesday, and several top 10-cryptocurrencies managed to post double-digit percentage returns.

Ripple’s XRP token rose by 11 percent to $1.40, increasing its market cap to $53.6 billion. Bitcoin Cash slightly lagged the index but nevertheless made a nine percent gain to $1,654.

Cardano, the fifth-largest cryptocurrency by market cap, saw its price rise by 13 percent to $0.60, while EOS lagged the index with an eight percent return.

Stellar posted a top 10-best 25 percent rally, largely because payment processor Stripe hinted that it may add support for XLM payments in the future. The rally enabled Stellar to pass litecoin — which only rose seven percent for the day — in the market cap rankings.

NEO’s 22 percent increase was second-best among top-tier coins, and the “Chinese Ethereum” is now trading at a global average of $137.

NEM rounded out the top ten with a relatively tepid seven percent return and is currently trading just below $1.

Featured image from Shutterstock.

Last modified: January 24, 2018 20:36 UTC

@Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.