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.
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.