Cryptocurrency market Cap is now $600 Billion, rises above Amazon
Dec 20, 2017 Posted / 9071 Views
According to the recent reports published in the media, the market capitalization of cryptocurrency has exceeded $600 billion after the weekend, which now means that the collective value of all cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash etc has went way ahead of e-commerce giant Amazon.
Data from various various price indexes around the globe depicted that the market cap mounted as high as $603.3 billion, passing $600 billion around 11:30 UTC, following a little dip. But nearly an hour after that, it again rose twice above the former level, in the subsequent four hours.
The opening of trading on bitcoin futures contracts on leading and regulated U.S. exchanges CBOE and CME has smooth the progress of a comprehensive market rally. However, the futures contract has been sparsely traded comparative to the international cryptocurrency ecosystem.
A week before, the market cap of cryptocurrency climbed to $440 billion after Chicago Board Options Exchange (CBOE) introduced the very first regulated bitcoin futures. It represented a 7-day expanse of $100 billion, which can be considered as an astounding achievement, however, the swiftness of the rally in this week is even more spectacular. Considering last Monday, the digital currency market has swelled by $160 billion, or 36 %, to arrive at a latest all-time high, which is simple above $600 billion.
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From some time now bitcoin has spearheaded the rally but now it was the turn of the altcoins, which conceded the cryptocurrency market cap across the momentous threshold. Talking about Monday morning, there were nearly 29 cryptocurrencies with the private market caps beyond $1 billion, while it was only Bitcoin at the start of this year, i.e. January 1, 2017.
As the latest data in the market is circulated, it is confirmed that the cryptocurrency space is getting more valuable than online shopping giant Amazon. Similar to the digital currencies, the Tech Goliath has seized a market cap of $568 billion tech witnessing a spectacular year-to-date rally. However, its 60 percent advancement has been shadowed by the 3,400 % explosive markets capture which is at present possessed by the cryptocurrency.
If the critics attempt to degrade this remarkable accomplishment by stating that Amazon is just one company, while the digital currency epitomize an entire digital asset ecosystem, they also need to remember that only six months ago, they were circulating these statistics as a substantiation that cryptocurrency’s role in the financial system had been overrepresented.
Bearing in mind the top cryptocurrencies, among all Bitcoin cash is the one with the majority of significant gains. The digital currency, which is actually the hard fork of the chief cryptocurrency Bitcoin blockchain, is nearly up by 22% in the last 24 hours, trading at $2,250 as at current time.
Further, market data established that the afternoon buying and selling session between 12:00 UTC and 16:00 UTC has confirmed that there was 16% rise in Bitcoin cash. During that epoch, cryptocurrencies VeChain and Hshare inflated majorly, mounting by 31.88% and 28.15%, correspondingly.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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