Market Update 9.23.18 – XRP Surged 75% to Dethrone ETH Before Returning to Former Position

| Publish date: 09/23/2018
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XRP Surged 75% to Dethrone ETH Before Returning to Former Position

The price of XRP manages to spike as high as 75 percent above its opening price at one point during Friday’s trading session amidst a broader market bull parade. At roughly 14:45 UTC, the price of digital asset rose to a peak of $0.77. This basically represents a 75 percent increase from its opening price of $0.45

For several hours, the surge in investor interest was enough for the digital currency to briefly dethrone ether (ETH) as the world’s second largest cryptocurrency by market capitalization. At the time, XRP’s market capitalization reached $23 billion, which is its highest level since June 10th. At press time, XRP has since cooled off to the price of roughly $0.54 and has returned to its former position as the world third largest cryptocurrency.

Read the full report here.

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Point72 Exec Exits Firm to Launch Crypto Hedge Fund

The former equities portfolio manager named Travis Kling has decided to leave billionaire Steven Cohen’s Point72 Asset Management in hopes of launching his own digital assets fund. Point72 is basically an asset management firm founded in 2014 as the successor of investment company SAC Capital Advisors. The latter pleaded guilty to federal insider trading charges and paid a $1.8 billion fine.

Point 72 has offices in New York City, Hong Kong, Tokyo, Singapore, London, Paris, and Palo Alto, while its staff is marked with former IBM executive Timothy Shaughnessy as the chief operating officer. The new Los Angeles-based fund called Ikigai will reportedly start on October 1 with partners’ capital, with plans to raise $15 million of outside capital on November 1. By mid-2019, Kling plans to increase Ikigai’s tokens portfolio to $100 million and its venture fund to $33 million.

Read the full report here.

US Congressman Drafts Bills to Support Blockchain Development

U.S. Representative Tom Emmer wants to support the development and use of blockchain technology and cryptocurrencies. To that end, he announced a trio of blockchain-focused bills Friday, saying he intends to introduce them into Congress in the coming weeks. The bills tackle a range of issues around the blockchain space, including development, miners and cryptocurrency-related taxes.

The bills are aimed at providing support for the nascent industry, a press release said. In a statement, Emmer said that “the United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth.”

Read the full report here.

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Total Market Cap: Sept. 23

The volume of trade in the crypto market sat at $13.8 billion. The market’s capitalization, on the other hand, reached $229.11 billion.

Bitcoin Price Analysis: Sept. 23

In the past 24 hours, Bitcoin jumped 1.20% to trade at $6,763.91. The leading cryptocurrency’s trade volume trickled to $4.17 billion, while its market slid to $116.9 billion.

Ethereum Price Analysis: Sept. 23

Ethereum’s price jumped 4.03% to trade at $246.62. As for the altcoin’s trading volume, it reached $1.6 billion; whereas its market capitalization hit $25.19 billion.

State of the Top 10 Cryptocurrencies: Aug 20

In the past 24 hours, all prices were up, except for Tether’s. Monero dethroned Dash at the 10th spot.

  • Bitcoin’s market price jumped 1.20% to $6,763.91, and its value in the market is $116.9 billion.
  • Ethereum’s market price jumped 4.03% to $246.62, and its value in the market is $25.19 billion.
  • XRP’s market price jumped 3.09% to $0.586594, and its value in the market is $23.35 billion.
  • Bitcoin Cash’s market price jumped 5.87% to $503.94, and its value in the market is $8.75 billion.
  • EOS’ market price jumped 2.52% to $6.08, and its value in the market is $5.51 billion.
  • Stellar’s market price jumped 21.32% to $0.287228, and its value in the market is $5.4 billion.
  • Litecoin’s market price jumped 7.65% to $63.20, and its value in the market is $3.69 billion.
  • Tether market price fell 0.21% to $0.995985, and its value in the market is $2.8 billion.
  • Cardano market price jumped 13.11% to $0.092810, and its value in the market is $2.41 billion.
  • Monero dethrones Dash at the 10th spot, with its market price jumping 6.27% to $127.59, and its value in the market is $2.1 billion.
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