Total Crypto Market Cap Hits Over $739 Gain Billion, Smashes Record

Crypto Market Cap

A new record high was reached just before Christmas, as the Total Cryptocurrency Market Cap reached over $618 Billion USD.

Today, that record was smashed as the cap reached above $700 Billion this morning, and is now at $739 Billion, at press-time. That means that the market gained $39 Billion dollars in just a couple of hours.

Source: Coin Market Cap

Lately, the large market growth can be contributed to the rise of altcoins. Since its debut on Wall Street, in the form of futures, the demand for Bitcoin (BTC) has substantially subsided. Just before Christmas, it was selling at just under $12,000 a coin, down almost $8,000 from its record high set on December 17th, at just over $20,000. Currently, the cryptocurrency is selling at $15,251.40 a coin, up 1.58 percent on the day.

Just recently, news broke that Peter Thiel’s Silicon Valley based venture capital firm invested in Bitcoin, which coincided with an increase in the current selling price of Bitcoin over the $15,000 threshold.

Source: Coin Market Cap

As you can tell by the graph above, the majority of the market cap dominance has been from Bitcoin throughout most of the year. Back in the end of June, both Ethereum and Ripple experienced a significant rally. None have surpassed Bitcoin’s market cap yet, but Ripple has been making a serious attempt lately.

Currently, Ripple is the second largest cryptocurrency by market cap, passing Ethereum last week and at press-time, is at $125 Billion, selling at $3.24 a coin, up 30.84% for the day. It currently has the largest shot at passing Bitcoin, as it only needs to grow $131 Billion if Bitcoin doesn’t make any sort of large gains until then.

The third largest cryptocurrency, Ethereum, has just broken its record high passing the $950 mark and up 7% for the day. Its current market cap is $92.8 billion USD.

With altcoins on the rise, Bitcoin developers better think fast before the long-time crypto giant gets usurped.

Featured Image: depositphotos/WVDZ