New Year has infused a new life in the crypto market. Late in December, the market had started to crumble. The digital currency market has kicked off the New Year with recovery.
As of now, the combined market cap of the crypto market has reached $762 billion. This time, the market is riding on the rallies of some of the lesser-known crypto currencies, and not Bitcoin. Here are the 5 hottest digital currencies of the year so far.
As Bitcoin starts to fade, Ripple is getting the limelight. Ripple, which became the second largest crypto currency recently, is seen as the alt coin to topple Bitcoin. At the time of writing, XRP’s market cap is past $144 billion. In the last 24 hours alone, the digital currency has recorded 37.75 percent gains. At the beginning of 2017, the value of 1 XRP was .01 cents – a hundredth part of a cent. Currently, Ripple is trading at $3.78.
Cardano is one of the newest entrants in the crypto market. In a short span, it has overtaken many a long-standing alt coin behind. Developed by the Input Output Hong Kong (IOHK), ADA burst on the crypto scene registering substantial gains month-after-month. Since it started trading in October 2017, Cardano has gained more than 500 percent value.
Currently, ADA sits on the 5th position among the most valuable cryptocurrencies with a market cap of $31 billion. In the past 24 hours, ADA has registered 31 percent gains.
Stellar is another digital currency that has emerged as a hot crypto currency of late. XLM has climbed more than 65 percent since the start of the New Year. It has nearly gained 900 percent since December 1, 2017.
At the time of writing, Stellar has a market cap of over $15 billion for the seventh largest crypto currency, according to the CoinMarketCap website. In the last 24 hours of trading, Stellar has accumulated 30 percent over 37 percent gains.
Tron is having a great run recently. It has had recorded 3000 percent gains in a space of a month, although the spikes of the last few days have perhaps been the more dramatic. In the previous 24 hours of trading alone, TRX saw 100 percent gains to break into the top 10 most valuable crypto currencies. Currently, the crypto has the market cap of $10 billion.
Like many of the fast-growing cryptos at the moment, NEM has leapfrogged positions in the past few weeks. The peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015 has a market cap of $16 billion for the sixth position in most valuable crypto currencies’ list. In the previous 24 hours, NEM has gained 50 percent in value.
The long-standing alt coins – Bitcoin and Ethereum – have been overshadowed by those as mentioned above. However, the two are still steady. Bitcoin, the largest crypto, is currently holding a value of just over $15k but BTC’s market dominance has fallen to 33 percent. Meanwhile, Ethereum is going steady and is expected to cross $1000 price mark for the first time. However, it remains in the third place by market cap.