According to data from Coinmarketcap, several of the world's largest digital coins by market cap fell early on this past week, only to then recover over the weekend. Bitcoin, the largest cryptocurrency globally, fell from about $6,500 to the low $6,300s heading into Monday. However, over this weekend it has climbed back up; as of this writing, BTC has essentially recovered those losses. Similar stories can be found for other industry leaders, including ethereum and ripple, both of which actually surpassed their selling prices from last weekend. One of the biggest movers this past week, though, was the fourth-largest digital coin, bitcoin cash. The bitcoin offshoot has climbed by nearly 10% in the past 24 hours alone and is now trading above $542 per token. Though bitcoin cash has led the charge, nearly all of the top 25 coins by market cap have climbed this weekend.
Coinbase Announces Additional $300 Million
One of the top cryptocurrency exchanges in the world announced that its valuation had risen by another $300 million this week. Coinbase revealed the results of a Series E equity round led by Tiger Global Management. All told, the company has a valuation of more than $8 billion, with a stated goal of "accelerat[ing] the adoption of cryptocurrencies and digital assets." The digital currency exchange plans to use the funding for the purposes of global expansion of fiat/cryptocurrency markets, adopting new cryptocurrency assets onto its platform, developing and distributing utility applications related to cryptocurrencies, and more.
Bakkt to Launch Bitcoin Futures
Earlier in the week, Bakkt, the platform backed by the Intercontinental Exchange, announced plans to begin trading bitcoin futures on December 12. Each contract is designated to consist of one bitcoin, with a minimum tick size for trading of $2.50 per bitcoin. Bakkt has only been in existence since August, but already it has shown the potential to upend the cryptocurrency investment space. Because bitcoin futures on Bakkt are physically settled, the party will receive delivery of a bitcoin at the end of the contract period. This stands in contrast to other futures contracts which are cash-settled, meaning that they depend upon the price of bitcoin at particular exchanges.
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.