Keeping with the idea of providing transparency to the Ripple ecosystem globally, Ripple strives to share regular updates on the state of the market, quarterly sales, important notices, and reports on previous quarter market development. As the first quarter of 2018 comes to an end, Ripple’s team shared their report covering the shape of the digital coin in the market.
Indeed, this is essential as XRP society can keep up with how their preferred digital investment is doing. So, I decided to cover Ripple’s first quarter report 2018 for our GlobalCoinReport readers – here is the breakdown of what XRP achieved during the Q1 2018 as per the incredible team behind the coin.
In the first quarter 2018, market investors managed to purchase $16.6 million worth of Ripples directly from XRP II, LLC., Ripple’s registered and licensed money service business.
The XRP II, LLC is registered and licensed by the New York State Department of Financial Services to engage in the Virtual Currency Business activity. Going by the sales achieved by Ripple in the first quarter, it is determined that the coin did very well in the digital market along with other currencies as analysts in 2017 predicted it.
In fact, the majority of cryptocurrencies’ performance in 2017 gave indications that 2018 would indeed be a year when digital assets will grow by heap and bounds going through waves of heightened trade volumes and of course, mass adoption.
The first quarter of 2018 has seen many cryptocurrencies weather a period of intense volatility with an all-time market cap high of $814 billion being recorded in January. The growth of cryptocurrency over the past year has been extraordinary, for instance, early January 2017 yielded a total cryptocurrency market capitalization of only $17 billion.
Ripple (XRP) in Comparison to the Digital Assets Market in Q1 2018
— Ripple (@Ripple) April 25, 2018
According to the official report, Ripple’s overall market capitalization reflected that of the total digital asset market, although at times it seemed like XRP exaggerated its numbers in comparison to the whole market.
During the transition of the last quarter of 2017 and the first week of January 2018, the cryptocurrencies continued with their pace of growth that saw a steady $603 billion of all digital assets’ total market cap grow to over $800 billion in market capitalization. A rise of over 200 billion USD in only one week, with XRP being a significant contributor of this enormous increase in the total market cap.
However, Ripple recorded a 73% drop as its price shifted from $1.91 in January 2018 and finished the quarter at $0.51. The market cap also dropped dramatically to $263 billion of all digital assets’ total market capitalization at the end of 2018’s first quarter. That means that the whole cryptocurrency market including XRP lost up to 56 percent of the total cap only in a single quarter.
However, contrary to the market loses, XRP had something to smile about as it had its highest trading volume in history with a total of $160 billion of notional-traded coins that got traded in just one quarter.
The Start of Q2 2018: Ripple (XRP) and the Market
Currently, XRP is at $0.84397 while it just recovered from a dip of about 2% along with other digital currencies like Dash, NEO, BTC, and Litecoin just today.
Also, XRP is up today by +5.75% jumping against the USD and trading in the green. Consequently, holders and traders have their hopes up and believe XRP will hit the $1 mark soon.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Thomas Hawk via Flickr
Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
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