The total cryptocurrency market cap is over $200 billion, which is a record high. So let’s take a closer look. It has been rising steadily since its dramatic drop on September 15th when it fell below $100 billion. The cryptocurrency market suffered around this time due to China’s crackdown.
So let’s take a look at the performance of Bitcoin, which dominates more than 60% of the cryptocurrency market. It hit a record high on November 5th when it climbed past $7,600. Bitcoin then started to fall and it dropped to as low as $7047 yesterday, but today it has been recovering its losses and it climbed higher but we are still waiting to see whether it can beat the record we saw on Sunday. Bitcoin’s market cap is over $122 billion.
Now, let’s check out the performance of Ethereum, which is in second place with a market cap of over $28 billion. It has remained just around $300 over the past few days, it dropped to $280 on Thursday November 2nd. We saw it moving closer to $350 on October 14th. It reached around $389 on September 1st and this was the highest level it has been able to reach. On September 15th we saw it drop dramatically to $200.
Hundreds of millions of dollars worth of Ethereum may have been accidentally frozen due to a mistake. Digital wallet provider Parity posted on November 7th about the security alert stating that “a vulnerability in the Parity Wallet library contract of the standard multi-sig contract has been found.” his impacts all “multi-sig” wallets created on Parity after July 20th.
Let’s see what else is happening in the cryptocurrency world. Ganesh Kumar, a director of the Reserve Bank of India this week said that virtual currencies would not be allowed for use as a means of payment or settlement in India. This is not an immediate ban but the outlook does not look so good. According to Local financial paper Money Control, he said “our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end.”
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