The market had been in the red as recently as Jan. 11, with almost $100 bln in losses in total market capitalization over a three day period. The dip on early on Jan. 11 brought the total market cap of all cryptocurrencies down to around $630 bln. Total market cap is now recovering, climbing to around $720 bln at press time.
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Ripple (XRP), the second most valuable altcoin on the market, is showing almost 18 percent growth over the past 24 hours to press time. The altcoin saw a price dip yesterday, in part due to false reports that South Korea banned crypto trading in the country, where Ripple is traded at high volumes.
Additionally, CoinMarketCap’s Jan. 8 decision to remove several South Korean exchanges from its price calculations — due to “divergence in prices” — caused the average price of Ripple in particular to appear to drop suddenly. CoinMarketCap’s delayed announcement of the decision also reportedly led to panic-selling that worsened the drop.
Altcoin Stellar, ranking 8th on CoinMarketCap, is showing 33.34 percent growth over 24 hours, and is selling for about $0.67 at press time. The price spike can likely be attributed to a Jan.11 CNBC segment, where Bitcoin investor Brian Kelly predicted that Stellar is the next coin to buy after Ripple’s Moneygram deal success.