On Thursday (July 5), the feel-good factor that’s running through the crypto-market right now continued to be reflected in the industry’s overall market value, which grew by $43 billion in the seven days since Facebook cancelled its crypto advertising ban.
On June 24th, two days prior to Facebook announcing it would bring to an immediate end its five-month cryptocurrency advertising ban, the overall crypto market cap was on the way to a 2018-low of $233 billion. Within a week of the announcement, the overall market cap value had hit $275 billion, a market increase of $43 billion.
Both 24-Hour & Seven-Day Markets Looking Positive
In an article last week, this writer went on record predicting that within a week of Facebook’s about-turn on its crypto-advertising ban, the “Seven-Day Value Change” column on CryptoSlate.com would show up largely as green. As of Thursday (July 5), the cessation of Facebook’s ban is eight days old, and CryptoSlate.com’s rankings (pictured above) reveal that both the 24-hour Value Change and the Seven-Day Value Change shows nothing but green.
A quick scan down the page of the 100 top cryptocurrencies revealed little more than a smattering of red, compared to large amounts of green, which is extremely refreshing for any observer used to witnessing a near-constant negativity in the crypto market.
If we focus on the top-ten cryptocurrencies, we see that over seven days, the smallest increase is that of Ripple, whose XRP coins have increased by 5.4%. By comparison, Cardano’s value is up by 20%, IOTA by 21%, while tenth-ranked NEO saw its coin value increase by 40% in the past week.
Bitcoin Up To $6,643
At the time of writing this article (6 am, July 5), Bitcoin’s value is $6,643.99, its best price since June 21. While that in itself doesn’t sound very impressive, especially to a casual observer, to any serious student of cryptocurrency, these figures are highly dramatic.
Until the news of Facebook’s change of heart became public, the future for Bitcoin, and indeed cryptocurrency was becoming increasingly concerning. BTC was in slow but steady decline, and nothing – not even the Consensus Crypto Conference in New York which usually kick-starts the market – could change matters. By late June, Bitcoin dipped briefly below $6,000, and the only question was how low would Bitcoin go in 2018.
Facebook About Turn – Massive Market Boost
While it is undeniable that Facebook’s decision in January to ban crypto advertising had a cataclysmic effect on the digital currency market, the early signs are that Facebook’s change of heart could have a similarly positive effect. As well as Bitcoin, Ethereum’s price continues to climb and is now up to $472.460. Bitcoin Cash ($772.653), EOS ($8.99973) and Litecoin ($85.4168) are all looking healthy, with a clear anticipation of big things to come.
Now, if only Google and Twitter would follow Facebook’s example and lift their crypto-add bans…