[2018-01-03] Total Crypto Market Cap Hits New All-Time High Over $700 Bln

[cybersofts]

Total Crypto Market Cap Hits New All-Time High Over $700 Bln



The total market capitalization of all cryptocurrencies reached a new all-time high today over $700 bln. The overall market cap was around $713 bln at press time. The previous record high for overall market cap was $654 bln on Dec. 21, 2017.




Bitcoin beware

The major growth in overall market cap has largely been spurred on by recent rises in altcoins. The demand for Bitcoin (BTC) has been waning recently, moving prices lower in the weeks leading up to Christmas.

Bitcoin dropped as low as $11,833 on December 22. The leading cryptocurrency rallied back up just a day later, but was followed by a week of volatility.

Yesterday, however, the coin got a boost after news that Peter Thiel’s San Francisco-based venture capital firm had made substantial investments in the leading cryptocurrency, propelling prices back up over the $15,000 mark.

Overall dominance of Bitcoin among all cryptocurrencies has decreased to all time lows, reaching 34.97 percent on Tuesday.



This dominance shift has followed massive price increases by altcoins such as Ripple, Ether, and Stellar, as well as lesser-known Tron, all of which have posted more than 20 percent gains over the past week.

Ripple in particular has seen a huge market cap growth, with the cryptocurrency moving into second position behind the dominant Bitcoin. The increase in value was largely the result of increased demand on the South Korean market.


Source: https://cointelegraph.com/news/total-crypto-market-cap-hits-new-all-time-high-over-700-bln

[1Referee]

Usually I am not really a fan of looking at the global market cap, but it feels good that we are slowly climbing up towards that magicial $1 trillion level. Seriously, who would have thought years ago that this was possible to achieve in just a matter of a few years? It feels like a week go where Bitcoin's market cap was still below the $1 billion level. Some people even speculate about Ripple to surpass Bitcoin's market cap at some point, but let me tell you, it already happened. Coinmarket cap shows only the circulating supply of Ripple, which is 38.7 billion, while in reality it has a 100 billion total supply. If we calculate from there, Ripple has surpassed Bitcoin for the second time, with currently a market cap of $317 billion. And let me tell you how much that means -> ZERO.

[vit05]

And it was not because of Bitcoin. This is crazy. I predict that on Saturday Bitcoin will hit 21k. That is the minimal valuation Bitcoin should have if the market has hit 700 billion. I was investing on RIpple but I do not see how they could be evaluated more them Bitcoin. In fact, Ripple as a company is great, but their coin is not so important and necessary.

[iamTom123]

Usually I am not really a fan of looking at the global market cap, but it feels good that we are slowly climbing up towards that magicial $1 trillion level. Seriously, who would have thought years ago that this was possible to achieve in just a matter of a few years? It feels like a week go where Bitcoin's market cap was still below the $1 billion level. Some people even speculate about Ripple to surpass Bitcoin's market cap at some point, but let me tell you, it already happened. Coinmarket cap shows only the circulating supply of Ripple, which is 38.7 billion, while in reality it has a 100 billion total supply. If we calculate from there, Ripple has surpassed Bitcoin for the second time, with currently a market cap of $317 billion. And let me tell you how much that means -> ZERO.

There are actually many people who are obsessed with numbers and rankings as if those are the best indicators of something and anything. While those can help, they only represented a fraction of the real picture. While these numbers can be good indicators, cryptocurrency can move in different ways many times going against the usual expectations and analysis. Anyway, it is good to see the whole cryptocurrency market growing at a fast-paced rate especially since we have many in the TOP 10 which jumps by leaps and bounds and we are seeing many new entrants to the market bringing in their own hoard of supporters and loyalists into the fold. The dynamism in the market is quite good and am expecting Bitcoin to further slide its dominance which is actually healthy so that we are spreading the wealth and influence around. I am still a big fan and believer in Bitcoin though it does not mean I have to limit my exposure and spread as there are many  other coins and tokens worth exploring. We should not be using numbers and figures to promote disconnect with each other in this market as I believe that all can co-exist happily and in prosperity.

[cynical]

this just goes to show the amount of popularity, acceptance and confidence people are placing on crypto.
we can see already the popularity or possibly the move towards alt coins as quite a number are showing growth after a time of experiencing a fall in value or no movement al all.