As of today, looking at cryptocurrencies will never be the same again. If you are wondering why is that the case, it’s really simple. The entire market cap of these virtual currencies just got beyond $530 billion – making the crypto world more valuable than one of the most successful global companies nowadays, Facebook.
What a time to be alive, right?
The bitcoin price rallied to almost $18,000 to make this possible and traders rolled their altcoin profits back into the cryptocurrency. A lot of top-tier coins also saw growth over the past couple of weeks including Ethereum, Ripple and Litecoin. However, the past couple of days had some declines for them all, causing them to lose part of the market share that they gained during Bitcoin’s mid-week neutrality.
Still, the strong performances of cryptocurrencies in general made Bitcoin, Ripple and other top-tier altcoins to lift the market cap by an amazing $19 billion, raising it to an all time high of $530 billion. Achieving this mark also meant that the combined value of all the cryptocurrencies out there is now bigger than the market cap of the most popular social network: Facebook.
Surges and stumbles are what these days hold for Bitcoin, Ethereum and most of the favorite crypto coins. The Bitcoin price is taking a new high and will probably reach the $18,000 mark anytime soon. Same goes for the altcoin markets, with Litecoin and Ripple measuring the biggest growth. On the whole, the market cap dropped but once again raised and is now worth at more than half a trillion.
This is certainly a motivating fact for anyone who still considers investing in cryptocurrencies – and a positive statement for the people who already invested in them. Still, it definitely raises some eyebrows, especially for the people who think that the entire cryptocurrency market ‘is a bubble’
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]