E L Emerson
The emotional frenzy surrounding the Dow Jones breaking through the somewhat arbitrary barrier of 25,000 points for the first time at yesterday’s close (Thursday 4th January), was very nearly overshadowed by the meteoric rise of a relatively little known cryptocurrency called “Ripple.”
Following the announcement that the US private sector added 250,000 jobs in December 2017 (ADP and Moody’s Analytics), the 30-stock Dow Jones index set a new record high at over 25,000, tying the fastest 1,000 point upward move in its history.
The S&P 500 and Nasdaq also hit record highs yesterday, as the UK’s FTSE 100 very nearly held onto its own record high position before falling short at the bell.
In the newly mainstream world of crypto-trading, Ripple’s XRP Blockchain system-driven coin has hit a high of $3.84 (£2.84), following last year’s 35,500% rise to $2.30 (£1.70).
While Ripple’s per coin value may sound less than impressive, it’s been reported that the co-founder and chairman of Ripple, Chris Larsen, who owns 5.19 billion of XRP, is now worth an estimated $59.9 billion (£44.23 billion), ranking him in fifth place on the Forbes 400 list.
The Nikkei 225 index also continued its record breaking pace by topping the 23,500 mark at yesterday’s close.
While still very early doors into 2018, equities are off to a good start following strong performances from the S&P 500, Nasdaq and Dow Jones, which all rose over 19% in 2017.
E L Emerson, Editor, HNW
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