Ethereum Hits Record of $1,200, Ripple's XRP Suffers Big Losses 1/8/2018

Ethereum has jumped back into second place again, while Ripple’s cryptocurrency XRP experienced losses of more than 22% over the past 24 hours. Ethereum hit a record high today briefly surpassing $1,200 before falling lower. XRP climbed to a record high of over $3.80 on Thursday before starting its path of decline. It is currently around $2.55. Its market cap is around $98 billion. Moving over to Bitcoin, it only managed to climb past $17,648 on Saturday before starting its path of decline again. Bitcoin has a market cap of over $260 billion. According to a survey conducted by cryptocurrency-focused hedge fund and venture capital firm, Blockchain Capital, around 30 percent of millennials would choose to invest in bitcoin and the cryptocurrency market than government bonds or stocks. But, there are still challenges facing the bitcoin network as it continues to suffer from delays with the number of unconfirmed transactions rising again. Scaling issues are becoming even more apparent. The total cryptocurrency market cap hit a record high on Sunday of around $827 billion today we saw it drop to $752.

Moving over to other news. New Zealand based- cryptocurrency trading firm Cryptopia had to suspend trading due to dramatic rise in demand. 100,000 new users registered on Sunday alone and its membership climbed from 500,000 to 1 million in the month of December. Rob Dawson started Cryptopia as a hobby with Adam Clark in 2014. The firm now has over 50 people including contractors and consultants and they are hoping to even double that as soon as possible.