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, followed by many more worldwide. Ether is another cryptocurrency run on the Ethereum blockchain platform, and it has the second-largest market share, despite being the newest of the three, having launched in July 2015. 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 third-largest market share of cryptocurrency, tether, is “backed by actual assets,” which includes one U.S. dollar, one euro, or loans to affiliate companies. The owners of Bitfinex control the token. It’s a controversial cryptocurrency due to its alleged manipulation of crypto pricing. It counts as a “stablecoin” because it targets a consistent $1.00 value. We do not chart it because its price rarely changes.
The Latest Crypto Data (Through May 30, 2023)
Bitcoin inched up this week, breaking $28,000 for the first time in three weeks. BTC is currently up ~63% year-to-date.
XRP saw upward movement for the second straight week, reaching $0.52 for the first time in six weeks. XRP is currently up ~41% year-to-date.
Ether (ETH) increased this past week, surpassing $19,000 for the first time in three weeks. ETH is currently up ~54% year-to-date.
An index exists in order to chart these three cryptocurrencies together, considering their significantly different pricing histories. Ether tops the chart. In other words, the price of ether has changed the most out of all three cryptocurrencies.
ETFs associated with cryptocurrencies include the ProShares Bitcoin Strategy ETF (BITO) and the ProShares Short Bitcoin Strategy ETF (BITI).
For more news, information, and analysis, visit the Crypto Channel.