According to the latest statistics, there are now fewer than 10 blockchains or crypto token networks worth much more than $1 billion. At time of writing, Cardano’s ADA token was struggling to retain three-comma status, having dipped and recovered multiple times over the course of daily trading.
The top value blockchain is still, of course, Bitcoin. It has over $67 billion at time of writing – nothing to spit at. If Bitcoin were a company, it would be a seriously large one, with multinational interests and tens of thousands of employees.
Ripple (XRP), which briefly surpassed $100 billion last year, now sits around $14 billion.
Ethereum itself has a market capitalization of just $11 billion, but the value of all its assets combined is higher -– another $7 billion if you only count the hundreds of those with a market cap over $1 million. The Ether token had lost 7% over the last 24 hours at time of writing.
The overall market capitalization of cryptocurrencies is about 75% less than it was at the (then) all-time high of $600 billion this time last year. There has been increasing suspicion that Tether and Bitfinex played games with the market using manipulation tactics, so much so that official investigations have been launched into the matter.
Bitcoin Cash was still very new at that time, and while it today has a market cap of $3.2 billion ($4.8 billion if you count Bitcoin SV with it), at the time it was around $17 billion.
Overall market indicators were in the red, red, red at time of writing. However, there was one winner today: Waltonchain, who gained more than 200% over the past 24 hours. Waltonchain is an independent blockchain technology similar to NEO which has its eyes set on blockchainizing the textile and other large industries through the use of RFID chips. Notably, its per-token price is still as much as 66% less than it was at all-time-high levels, and its market cap is nowhere near $1 billion.
So the outlook is bleak today, but it’s still a vast improvement over the market capitalization of years ago, when whole blockchains struggled to crack $1 million. The technology has value across industries, and while the market may be in a state of chaos and the government may be knocking on the doors of several crypto-funded operations who used the ICO model as a way to crowdfund without accountability, what has presented itself is a golden opportunity for those with any sort of means to get a foothold in the crypto market.
Featured Image from Shutterstock
Last modified: June 14, 2020 11:04 AM UTC