Very glad to announce that we have a new cryptocurrency that is now available for trading on the eToro social trading network… Please welcome the newest member of the crew… XRP! This revolutionary new system aims to completely replace the current SWIFT system used by banks for international transfers. A bank to bank transfer these days usually takes between 2 and 5 business days. Ripple, can do it in seconds flat… and at a much cheaper rate too. Ripple has been one of the hottest and fastest moving cryptocurrencies since the beginning of the year with swings from 0.006 cents per token in January, up to 42 cents in mid-May, and now sitting at 17 cents per token. This is the magic of crypto and we’re very pleased to offer it for both long term investing and short term trading on our network.
Market Overview
Apple shares have placed a cherry on the top of what was already a cream filled day in the financial markets. The Dow Jones industrial average is now just a few points shy of the landmark level of 22,000 points.
Analysts were thinking that the smartphone and tablet giant was in for a terrible quarter ahead of the expected release of their next wave of new tech, which many believe is due in September. Usually, iPhone users tend to hold onto their old and broken devices just a little longer if it means upgrading to a new version.
Not only did they smash those expectations, their share price skyrocketed in after-hours trading and when the markets open today the largest company in the world will be worth an approximate $782 Billion.
Other markets, currencies, and commodities remained relatively stable yesterday as the VIX volatility index once again took a dive.
Crypto World
Everybody is buzzing about Bitcoin Cash and the hard fork that just took place. The smoke is just clearing now but the transition is far from over, or even guaranteed at this point.
So for now, let’s look at what we know. The old Bitcoin network seems to be stable. SegWit is locked in and volumes are looking quite normal. In the past 24 hours approximately $1.3 Billion worth of BTC has exchanged hands, a number which is quite average for the past few months and the market cap of bitcoin is about the same as it’s been since May at about $44.6 Billion.
The new coin, Bitcoin Cash, which some exchanges label as BCC and some as BCH, is now the third largest crypto with a market cap of $7.2 Billion as the coins currently trade at $439 a pop.
Try out cryptocurrency trading on eToro
Ladies and gentlemen, this is not anything like your average stock split. When the shares in a company split, each investor gets 2 shares for every 1 he holds and the price per share is reduced by 50%.
With this split, the value of the original asset was never reduced. We simply have a new asset with a completely new market cap that seemingly came from nowhere. Meaning, that the combined value of bitcoin and bitcoin cash is now $51.8 Billion, which is well above what bitcoin ever achieved by itself.
Given the growth of this explosive market, it would not be surprising to see either one or both of these assets growing exponentially in value from here. Or to see either one surrender to the other.
We’re in the thick of it now. Have an amazing day ahead!
