In mid-2019, Fyggex predicted that the market cap of overall cryptocurrency would hit $1 trillion.
|Fyggex: In an expanding crypto market, it is proven crypto has reached more than 700 billion compared to half of it now, not far from now there is a chance market cap will breach a Trillion. (Click)|
For the first time, the overall value of the entire cryptocurrency industry crossed above $1 trillion as per data from Coinmarketcap. Bitcoin has jumped higher again, breaking through the $40,000 critical threshold, taking Bitcoin’s market cap over $700 billion. The price of the world’s most popular cryptocurrency surpassed the $30,000 mark last week and again crosses the $40,000 mark on Thursday in less than a week.
The global market cap for all cryptocurrencies is at $1,023 trillion at the time of publishing, according to data from Coinmarketcap. Bitcoin holds the largest market share with a market cap of $700 billion, followed by Ethereum with a market cap of $138 billion. Up there in the top five are Tether, XRP and Litecoin.
In January 2018, the last time overall market capitalization reached close to $1 trillion was when it reached almost $800 billion. This is the first time the $1 trillion mark has been surpassed.
Similar blockchain or electronic ledger systems used by many rival cryptocurrencies gained considerably. The second highest, Ethereum, gained 465 percent in 2020 and increased by almost 4 percent on Thursday. CNBC reported, investors said the limited supply of Bitcoin produced by so-called “mining” computers that validate blocks of transactions by competing to solve mathematical puzzles – has helped power upward moves over recent days.
Marc Bernegger, bitcoin pioneer and member of the Board of Crypto Finance Group, said via email to Forbes “Compared to the past there are not mainly retail investors buying into digital assets but more and more institutional investors who look at bitcoin as a new and emerging asset class.”
— Fyggex (@fyggexchange) August 12, 2020
Image: Jae Rue
*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.