12-29-2017: Ripple Breaks $2 Mark & Surpasses Ethereum Market Cap

Ripple (XRP) shot up by almost 35 percent over the past 24 hours, trading at an average of $2.20 and occupying second place by market capitalization in the overall crypto market. Ripple first reached the $1 mark last Thursday. South Korean exchanges, Bithumb, Coinone and Korbit account for approximately 40 percent of the worldwide XRP trading.

It appears that the recent Segwit2x hard fork on December 28th is not the same New York Agreement Segwit2x hard fork that was canceled this November. As the development team behind the December 28th launch is completely different than that of the original Segwit2x in November, it appears that b2x-segwit.io has piggy-backed off of the branding and marketing from the original Segwit2x. The site’s support team even claims to have no relation to the canceled Segwit2x hard fork in November.

Bitcoin led the best-performing ETFs this year. Thanks to an early investment in the Bitcoin Investment Trust, Ark Web x.0 ETF and Ark Innovation ETF are the two best-performing ETFs this year, according to a report last week from ETF.com. Ark’s director of research, Brett Winton stated “We hold bitcoin in the portfolio not because we think we’re more nimble than other people, but because we think we have a better long-term understanding”

The Indian government is doubling down on its already public skepticism of cryptocurrencies. In a new statement issued Dec. 29, India’s Ministry of Finance warned residents against the risks associated with trading cryptocurrencies, going so far as to compare blockchain-based assets like bitcoin to “Ponzi schemes.” The statement is the third warning this year from a government body in India, indicating a growing level of concern among top regulators in the country. And lastly, space company Vector and blockchain developer Nexus announced a partnership to host Nexus’s decentralized cryptocurrency on a satellite orbiting Earth, using Vector’s GalacticSky platform.

NOTE: This is an emergent and evolving highly technical space. You should understand how involvement in this space impacts you and acknowledge all risks before participating or implementing any recommendations.

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