Total Market Cap: $761 billion (+34% w/w)
Ripple and Rockets
All around insane week for many top “altcoins” (non-Bitcoin), especially protocol coins —
— but Ripple XRP really shook headlines as the coin, an oft-maligned project for being centralized, overtook Ethereum for the #2 spot by market cap (and #1 by total supply). XRP went from $1.47 and $57 billion market cap to $3.56 and $138 billion. Possible reasons for the jump: Coinbase addition rumors, Koreans, and hedge funds (?).
Redditors are concerned that Cardano, a recent market favorite for its high degree of peer-reviewed technical concepts, is now worth more than SpaceX by market cap. ADA is a classic “whitepaper” project (no product except for a whitepaper).
Someone dug up a gem about Stripe (a real-world online payments company) lending Stellar $3M in 2014, which was repaid with 2 billion XLM coins. Each XLM token is currently worth $0.80 (that’s a cool $1.6 billion repayment).
The Neo Ecosystem
A G3 (NEO + Elastos + Bitmain) Summit was held in China yesterday discussing blockchain technology and project visions. NEO hit $100 later that night as, along with general market exuberance, traders anticipate a slew of ICOs on the NEP5 protocol. NEP5 coin returns have been great so far.
US Closes Like-Kind Tax Election
As the new year rolls around, crypto traders are up in arms (in the USA, at least) about the latest tax bill, specifically Section 1031 which closes a gray area around reporting crypto-crypto trades as “like-kind” and thus deferring capital gains or losses. Popular places to move with more favorable tax laws include Germany and Hong Kong.
A perhaps coincidental theme around the rise of many coins this week is their low and often sub-$1 nominal value (as opposed to total market cap). Remember folks, there’s more to a coin than its nominal price.
See you guys next week —
Crypto Weekly Roundup is for informational purposes only and does not constitute any investment recommendations.