by Jennifer Nash, 5/17/23
This weekly update tracks some of the largest cryptocurrencies by market share: bitcoin and ether. We’ve also included XRP, as it was one of the largest cryptocurrencies when this article began. According to Wikipedia, a cryptocurrency is “a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.”
Bitcoin was the world’s first cryptocurrency and decentralized digital currency. The first bitcoin transaction occurred in early 2009 and has since grown worldwide. Ether is another cryptocurrency run on the Ethereum blockchain platform and has the second largest market share, despite being the newest of the three with its launch in July 2015.
The third-largest market share of cryptocurrency, tether, is a token “backed by actual assets” which includes one US dollar, one euro, or loans to affiliate companies and is controlled by the owners of Bitfinex. It’s a controversial cryptocurrency due to its alleged manipulation of crypto pricing. It is called a “stable coin” because it was designed to always be worth $1.00. We do not chart it because its price rarely changes.
XRP, which is owned by Ripple and launched in 2012, was one of the larger cryptocurrencies for some time until new coins joined the market. We’ve included it here for reference.
The Latest Data (through May 16, 2023)
Bitcoin continued its decline this past week, dropping below $27,000 for the first time in almost 2 months. Despite the second consecutive weekly fall, Bitcoin is up ~63% year-to-date.
XRP fell to $0.42 during this past week, its lowest level since the end of March, and is currently up ~26% year-to-date.
Ether (ETH) fell below $1,800 for the first time since the beginning of April during this past week. Despite the decline, ETH is up ~51% year-to-date.
I have also created an index in order to chart these together given their very different pricing history. Ether tops the chart – the price of an ether has changed the most out of all three cryptocurrencies.
ETFs associated with cryptocurrencies include: ProShares Bitcoin Strategy ETF (BITO) and ProShares Short Bitcoin Strategy ETF (BITI).
Originally published on Advisor Perspectives.
For more news, information, and analysis, visit the Crypto Channel.