With Bitcoin hitting record highs today, Cryptocurrencies’ total market value has now reached a new record high and has passed the largest bank in the U.S.
At press-time, the total market value of the crypto market is just over $380 billion according to CoinMarketCap. This figure is the sum of all 1032 current cryptocurrencies present with valued market caps.
This market value high has just passed JPMorgan, which is currently valued at $366.8 billion. The bank’s CEO, Jamie Dimon, is a long-time critic of cryptocurrency, more specifically Bitcoin. Dimon has been quoted calling it a big “fraud” and that it will eventually “blow up.”
Bitcoin reached above $12,000 yesterday and just surpassed $13,000 for the first time today, launching the total market cap.
Analysts believe that more institutional money and investors will begin flooding the market, as soon as several derivative exchanges introduce Bitcoin futures in the next two weeks. These futures contracts allow traders to agree to buy or sell a predetermined price, for a later date. What this does is allow for price movement speculation and hedging something that could lessen Bitcoin’s volatility which seems to be its biggest downfall.
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