As it stands, the total sum of the top ten digital currencies in the market – led by Bitcoin – makes up almost 90 percent of the entire crypto economy. That’s about $150 bln of the entire $170 bln. The remaining 1,155 cryptocurrencies, according to coinmarketcap listing, are left to slug it out with a meagre $20 bln market capitalization.
“Leading the pack is Bitcoin with a market share of 55 percent. This huge margin gives the top digital currency a $94.5 bln market cap and a 24 hour volume of $4 mln. Bitcoin price has since gained almost $800 in the last 24-hours.”
Others are Ethereum, Ripple, Bitcoin Cash and Litecoin with a $3 bln cap or more. Dash, NEM, Bitconnet, NEO and Monero have less than $2 bln each.
The rise comes as Jamie Dimon, chairman and CEO of JPMorgan Chase, says he’s “not going to talk about Bitcoin anymore.” Dimon talked down on the cryptocurrency last month, saying he was ready to fire any staff of the largest bank in the United States and the world’s sixth largest bank by total assets of US$2.5 tln.
Bitcoin price took a dip following his ‘Bitcoin is a ‘fraud’ that will eventually blow up’ statement, with many panicked sellers rushing to the market. Who wouldn’t when the head of the world’s second most valuable bank by market capitalization after ICBC says so?
It could also be that JPMorgan Chase has seen the writing on the wall, as other banks make inroads into what its boss does not like. Citigroup’s Chief Financial Officer John Gerspach says they consider the area of cryptocurrency and digital currency worthy of exploration. Goldman Sachs too is trying to explore possibilities in the realm of Bitcoin and other digital currencies. Whether explorations by these top institutions have started is not known, but seeing Bitcoin rise in value at such a rate says a lot.
For the remainding alternative currencies out of the top ten list, two outcomes are likely to emerge from an end game that’s already started in the crypto ecosystem. The vast majority of them will either play catch up by innovating and up their game to meet market demands, or fade out gradually.