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The price of one bitcoin managed to drop down by a significant amount after reaching new highs over the weekend. Other coins in the cryptocurrency market managed to pick up the slack that bitcoin left behind. These coins are known as alt-coins or alternative coins and continue to serve a purpose in the greater market. As of December 19th, Bitcoin was trading under $18,000, with the rest of the cryptocurrencies in the space leading to a large market capitalization of over $600 billion.

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The overall market capitalization for all cryptocurrencies was above $619 billion, up from around $590 billion only a day prior. In just five days, the entirety of the cryptocurrency world managed to increase valuation by over $100 billion. The main coins responsible for this for once was not bitcoin, and managed to be the rest of the alt coins in the space. According to a report done recently, “The top 10 most-traded cryptocurrencies will play an important role in that future and most of them were on track yesterday, registering double-digit gains in the last 24 hours. Cardano, a cryptocurrency which reversed course over the weekend, shot up once again, trading at $0.55, an increase of 16.59% in the last 24 hours.

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Bitcoin Cash set a new high by trading at $2,501.29 at 09:44 UTC.” Many major announcements in the industry also contributed to this high gain in price across the board. The hopes are high that these short term gains can be put into a long run for all of these cryptocurrencies as the industry is still relatively new. As bitcoin manages to stabilize slightly, hopefully the other alt coins will be able to fins a place in the growing cryptocurrency market as the next year comes and goes.


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