[2017-11-03]Total Cryptocurrency Market Cap Breaks $200B

[patrickUN]

Another day, another record. The combined market capitalization for all cryptocurrencies is again at record highs, sitting above $200 billion at the press time. Bitcoin (BTC) is currently trading at all-time high of $7403.88, according to the CoinMarketCap.

Bitcoin price is up over 5.68% for the last 24 hours, and its market capitalization has now peaked at over $123,4 billion. Newly created cryptocurrency Bitcoin Cash (BCH) is again making significant gains, trading at around $673.85. BCH has risen 19.67% over the last 24 hours, and an incredible 91.65% over the last 7 days.

The price of the world’s most popular cryptocurrency made fresh gains this week after derivatives giant CME Group said it would introduce bitcoin futures by the end of the year. CME said its bitcoin futures contract would be cash-settled and based on the CME CF Bitcoin Reference Rate (BRR), launched in November last year with London-based online trading platform Crypto Facilities.

https://www.coinspeaker.com/2017/11/03/total-cryptocurrency-market-cap-breaks-200b-bitcoin-price-hits-time-high-7400/

[Kemarit]

When this @200B marketcap happened? I'm seeing it at $199B just today so I don't know if this has been broken. Most of us doesn't think that marketcap is insignificant. However, what astonished me is that the huge amount of money people are now willing to pour on the ecosystem, its crazy. Apple is about $170B if I'm not mistaken so we have toppled them already. I guess everyone is going into crypto now and nothing can stop this madness, we might see another jump just before the end of the year by around $300B. What an amazing run.

[1Referee]

Most of us doesn't think that marketcap is insignificant.

I do. It's pointless to take the combined market cap seriously when you take into consideration that a whole lot of altcoins are insanely overpriced, plus the fact that their large market caps are the result of the sheer number of coins in circulation. If you want your coin to have an instant market cap of like $100 billion, then just release a coin with a 100 billion coin supply, buy/sell 1 unit at $1, and there you have your $100 billion market cap. There have already been a few coins with a market cap of like $1000 billion, but they have been removed from coinmarketcap's database, so it doesn't mess up their statistics. Just have a look at this and see for yourself what shitcoins have insane market caps -> https://coinmarketcap.com/coins/views/market-cap-by-total-supply/