The Cryptocurrency Market Cap Is Worth More Than 160 Bln USD
Posted By : Anirudh Bhardwaj | 05-Sep-2017
The Cryptocurrency market is exploding with transactions as new users are connecting to the network every other day. Also, the open-source nature of Bitcoin has led to a digital revolution of sorts, paving way for the creation of new Altcoins. The source-code provided by Satoshi Nakamoto is still available to all the developers. Over the course of time, hundreds of new Altcoins were formed using the same code-base and the number kept on rising, causing a steady expansion of the crypto space. The cryptocurrency market accounts for more than 530 different Altcoins at the time of writing. Each of these coins has a distinct value in terms of price, supply, circulation and trading volume.
It’s been hardly a decade since the term, “Cryptocurrency” came into existence. But the growth shown by this emerging domain has been exemplary in the last couple of years. As of today, the Crypto market is valued more than any other domain in the FinTech industry. With a whopping market cap of $164.3 billion, cryptocurrencies have taken the whole by storm. As a matter of fact, the crypto market has shown a massive upsurge in terms of market cap with an unprecedented growth of $70 billion in just 2 months. Seeing the current demographics, we must be ready for some drastic changes as the market cap may soon surpass the $200 billion mark, most probably by the end of this year.
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The Driving Factors
The cryptocurrency sphere is ruled by the leading players like Bitcoin, Litecoin, Ether, Ripple, Dash and Monero. Of all these digital currencies, Bitcoin is the one that’s got maximum heat, not just today but ever since it came into existing. In fact, Bitcoin has laid the foundation of the Cryptocurrency sphere and it’s still ruling the market with a gigantic user base and market cap that adds up to $70 billion. Ether, which happens to be a cryptocurrency introduced by Ethereum platform comes next with a market cap worth of $28.10 billion.
As we can see, these two alone account for almost $100 billion. Other leading players are Litecoin, Ripple, Monero, Dash and Lisk. Lately, we also saw some blockchain split events. The first event occurred in October 2016 when Ethereum Classic was formed. And now a new Bitcoin clone has been created called Bitcoin Cash (BCC) which is yet another driving factor. The latter has a market cap of $8.62 billion and is the fourth most valued digital coin after Bitcoin, Ethereum and Litecoin.
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About Author
Anirudh Bhardwaj
Anirudh is a Content Strategist and Marketing Specialist who possess strong analytical skills and problem solving capabilities to tackle complex project tasks. Having considerable experience in the technology industry, he produces and proofreads insightful content on next-gen technologies like AI, blockchain, ERP, big data, IoT, and immersive AR/VR technologies. In addition to formulating content strategies for successful project execution, he has got ample experience in handling WordPress/PHP-based projects (delivering from scratch with UI/UX design, content, SEO, and quality assurance). Anirudh is proficient at using popular website tools like GTmetrix, Pagespeed Insights, ahrefs, GA3/GA4, Google Search Console, ChatGPT, Jira, Trello, Postman (API testing), and many more. Talking about the professional experience, he has worked on a range of projects including Wethio Blockchain, BlocEdu, NowCast, IT Savanna, Canine Concepts UK, and more.