Today the Cryptocurrency Market broke another record with its Market Cap exceeding the $160 billion mark clearly demonstrating investors current appetite for the Cryptocurrency Market.
With Bitcoin smashing through the $4000 mark in previous weeks and being the Cryptocurrency Markets largest contributor.
Many are now suggesting that Bitcoin is being viewed as an alternative investment following global political uncertainty, a weakening Dollar and investors desire for a greater return. Investors forecast the Cryptocurrency will fall just short of the $4500 mark but will enjoy an 18% price increase so far in August.
Whilst many experts only anticipate Bitcoin’s increase in value many are still concerned by volatility surrounding the Cryptocurrency Market.
Other Cryptocurrencies that have benefitted in recently include Ripple’s XRP Token and Monero’s XRM which have risen 9 and 7.8% in the last few days.
Monero has enjoyed a seven-day rally with its price now sitting around the $1.359 having enjoyed a high of 1.5176 last week.
Ripple the Pick of 2017?
One would expect Ripple’s success and therefore Cryptocurrency Market price to continue skywards. Recently the digital currency has been in conversations with one of the UAE’s longest running remittance house. The UAE exchange’s objective to streamline cross-border payments affording real-time processing.
Whilst although currently a whisper Ripple is also mooted to be in cahoots with Alibaba, which would certainly assist their plans of breaking into the Chinese markets. Ripples business would gain phenomenally especially as China implants itself as one of the largest online trading countries and with eCommerce representing around 20% of China business. Ripple will almost certain to benefit from the cross-border payments opportunity.
So far in 2017 Ripple’s market cap has increased 3500% with many experts predicting that the Cryptocurrency will break the $1.00 mark by the end of the year. If the rumours surrounding the collaboration between Alibaba could be substantiated the predictions could have legs and will be a great investment pick at an attainable level.