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The DAO’s market cap makes it to top five cryptocurrencies

Source: Coinmarketcap.com

The month end has turned out to be quite exciting for the cryptocurrency ecosystem. While Bitcoin still continues to rule the list of blockchain assets, Ethereum is hovering around the $1 billion mark. Of particular interest is The DAO which has made it to the fifth position within a short time.

Here is a look at the top five digital currencies by market cap:

Bitcoin

Bitcoin price seems to have found strong upward momentum which took it from $435 levels (low May 20) to a high of $546 levels seen today. Undoubtedly, Bitcoin enjoys the first mover advantage and the recent price surge has taken its market to approximately $8.5 billion.

BTC/USD may further move north in the coming months as the bitcoin system inches closer to halving of the bitcoin mining reward.

Speaking with Reuters, Daniel Masters, co-founder of Jersey-based Global Advisors' multi-million dollar bitcoin hedge fund, estimated last year that the price of bitcoin could test its 2013 highs of above $1,100 in 2016 and then pick up speed to rise to $4,400 by the end of 2017, driven by the halving of the mining reward.

Ethereum

The cryptocurrency ecosystem is particularly upbeat about Ethereum with several exchanges announcing their support for ETH trading (BitBay, Bitfinex, Coincheck, Bitso, CHBTC and many others) in the past couple of months. The recent upswing in Ether price was being attributed to the highly successful the DAO crowdfunding drive.

Ethereum market cap broke above the $1 billion in a short time and is currently the second largest blockchain asset. The exchanges that added ETH trading to their platforms said that it was only natural for them to do so.

Coinizy CEO Yannick Losbar told EconoTimes:

“Bitcoin already offers serious possibilities to create various kind of smart contract such as multi-signature addresses that need the signature of at least M persons out of a total pool of N individuals who have a signing right in order to initiate a payment. However, Ethereum went far beyond that point, by enabling Turing-complete applications to be built within the Ethereum network thanks to the powerful Solidity language - the same one used to write the now famous «TheDao» project.”

In a recent blog post, Coinbase co-founder Fred Ehrsam came out in full support of Ethereum sayingEthereum is ahead of Bitcoin in many ways and represents the bleeding edge of digital currency”.

Litecoin

There seems to be a neck-to-neck race between Litecoin and Ripple. At the time of writing, market cap of Litecoin (approximately $216 million) places it on the third spot, closely followed by Ripple ($200 million market cap).

LTC/USD (KRAKEN) has been consistently moving upwards from lows of 3.5 levels (May 19) to high of 5.13 levels (May 27), and it currently trades at 4.60 levels. FxWirePro sees a possibility for the pair to reach 5.13 (May 27th 2016 high), while on the lower side support is around 4 and break below will target 3.50/3. Overall trend remains positive.

Ripple

Market cap of Ripple has slipped to the fourth position, standing at $200 million. XRP/BTC (Poloniex) is down 1.97% today. It is facing resistance around 0.0000110 (100 day EMA) and slight bullishness can be seen above this level. Break above will take the pair till 0.00001185 (200 day MA). Currently, the pair trades at 0.00001045 and weakness could be seen below 0.00001000. Overall trend remains weak.

The DAO

Following the highly successful crowdfunding round, several cryptocurrency exchanges have announced their support for trading of The DAO tokens, including Poloniex, BTC Markets and more recently Kraken. The creation phase ended on May 28 and over $132 million has been raised.

Market cap of The DAO currently is around $140 million and has taken the fifth spot. According to latest estimates from coincap.io, the DAO tokens are currently trading at $0.12 levels.

Erik Voorhees, CEO of ShapeShift tweeted:
 

 

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