A Big Day for Crypto
While 2017 saw market leader bitcoin making frequent headlines thanks to its soaring valuations, 2018 is already proving to be a big year for the second and third most popular cryptocurrencies, ripple and ethereum, respectively.
On January 4, ripple hit a new all-time-high of $3.317 per unit, and at the time of writing, it has a market cap of $137 billion.
Ethereum also hit a new high on the 4th, breaking the $1,000 threshold for the first time. The cryptocurrency currently sits at $1,027.27 with a market cap of just over $99 billion.
The value of a single unit of ripple or ethereum is still far below that of a unit of bitcoin (currently $15,125 per), and the leading crypto's market cap of $253 billion is almost twice that of its nearest competitor.
However, the silver and bronze cryptos are quickly closing that market cap gap, with ripple's market cap increasing by $49 billion and ether's by $26 billion just in the four days since 2017 drew to a close.
The Future of Money
Overall, the crypto market has surged from $17 billion to almost $770 billion in the past year. Based on the latest figures for ripple and ether, society's interest in cryptocurrencies clearly extends beyond a single coin.
As more and more people invest in crypto, be it bitcoin, ether, or ripple, the likelihood that this new form of currency is here to stay increases.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.