Bitcoin, IOTA, Monero Help Push Cryptocurrency Market Past $400 Billion

Bitcoin, IOTA, and monero are just a few of the digital currencies that are helping to push the cryptocurrency market’s price up, pushing it to over $400 billion, at $412 billion.

Bitcoin, which has been enjoying a continued surge in value reached staggering heights yesterday when it reached $18,353 for the first time, according to CoinMarketCap. This impressive figure pushed its market value to $307 billion, with strong trading increasing its price. Prices yesterday, however, widely varied on several exchanges, and in some cases amounted to more than $2,000 in value.

At the time of publishing, however, bitcoin’s price has since dropped in value, dropping to $14,336. Yet, it’s not just bitcoin that is witnessing a surge in price. So too are other cryptocurrency coins, namely IOTA, monero, and stellar.

Data from CoinMarketCap shows that fourth-placed IOTA has seen its value increase by an impressive 203 percent in seven days. It’s currently trading at $4.04. With its market cap surging to $11.2 billion, IOTA is now more valuable than ripple, which currently sits in fifth position. This rally in IOTA’s price may be down to the fact that it is teaming up with a number of corporations to undertake a two-month demo of an Internet of Things(IoT)-based Data Marketplace.

Elsewhere in the cryptocurrency market is the rise of monero, which is currently trading at $255. Over the past seven days, its value has increased by more than 40 percent. Several factors are helping to push Monero’s price up, which has often been praised for its anonymity features.

One of which is the fact that Project Coral Reef, an online shopping initiative will allow customers to use monero to purchase music and merchandise from over 35 artists, including Mariah Carey, G-Eazy, Motorhead, and Toby Keith. Another factor is down to University of Michigan-Dearborn research Jeffrey Quesnelle’s published paper that questions the privacy of Zcash’s shielded addresses.

Stellar’s price has risen by nearly 64 percent in the past seven days. Currently trading at $0.129233, it has a market cap worth $2.3 billion. Ranked number 14 in the cryptocurrency market, stellar’s value is seen to have increased after the announcement that it was teaming up with IBM and KlickEx to develop a blockchain-based cross-border payments solution.

Featured image from Shutterstock.

About Rebecca Campbell

Rebecca Campbell is a freelance bitcoin and blockchain journalist based in England. She has a keen interest in the blockchain space and the use cases the technology is being in and is excited to see what new changes the distributed ledger brings to our day-to-day lives.