The Cryptocurrency Market Cap Inching Close To 100 Billion USD

The emergence of Cryptocurrencies has taken the whole world by storm. This has led to a new financial revolution and paved new ways for making cashless transactions without any central system governing the flow of capital. As the world’s first digital currency, Bitcoin has been a phenomenal success and it became an inspiration for hundreds of other Altcoins that came after it. Bitcoin is open-source and the source code provided by Satoshi Nakamoto is freely available. Using the same source-code, an exceedingly large number of cryptocurrencies or Altcoins have been developed.

As the new Altcoins were devised, the Cryptocurrency network kept on expanding year after year. As of today, there are more than a thousand cryptocurrencies. Of course, not many of them could make it that big. But there are some like Litecoin, Dash, Ripple, Monero and Ether that have been highly successful in making their effect felt all across the Cryptocurrency sphere. Over the last couple of years, there has been a drastic growth in the Cryptocurrency network and the market capitalization of the latter also rose by leaps and bounds.

By the time of writing, the market cap of Cryptocurrency sphere has gone beyond $95 billion and seeing the current demographics, it may soon reach $100 billion as people continue to take interest in this transpiring domain.

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The Leading Players

This unprecedented growth in the market cap wasn’t possible without the involvement of some popular Altcoins that have shown exceptional growth over the course of time in terms of price, volume, user base and market cap. Even if we leave Bitcoin which alone accounts for more than 47% of the total market cap, there are several other players that caused the market cap to rise to such an extent.

Ether

Ether, the Cryptocurrency fueled by Ethereum blockchain has no doubt been a major driving factor for the overall market cap all along. Ether has been highly successful as a Cryptocurrency and today, it is the second most popular Digital Currency with a whopping market cap of more than $20 billion. As for the price, people are more concerned about the BTC price these days as it rose to record-breaking levels. You may not have noticed but the price of Ether has been rising all along. Talking about the last one year, the percentage growth in ETH price is even more than Bitcoin.

Litecoin

With more than 52 million coins in circulation, Litecoin is currently the third most popular Cryptocurrency with a market cap of $2.2 billion at the time of writing. Litecoin is also the first cryptocurrency to implement SegWit and Lightning Network thereby putting an end to the scalability issues right in time. The LTC price has also enjoyed a steady upsurge over the months and as the time goes by, it is expected to rise even further. There’s no doubt that Litecoin is a major driving factor behind the overall market cap of the Cryptocurrency landscape.

Ethereum Classic

The Ethereum blockchain experienced an unexpected split last year forming a new Ethereum client called Ethereum Classic. Ethereum Classic was created primarily to allow Ethereum Smart Contracts to run exactly as programmed without any third-party intervention. When the split took place, there were slight chances of it surviving the impact but strangely enough, Ethereum Classic too received great appreciation from the worldwide community. The ETC price also rose over the last one year and is close to $15 at the time of writing. With a market cap of $1.4 billion, it is also a major driving factor behind the market cap of Cryptocurrency sphere.