Thursday, January 4, 2018

Cryptocurrency market cap now closer than ever to $1 trillion as combined value reaches $700 billion

While the old standby which is Bitcoin stagnates in a range between $14,000 and $16,000 per coin, other cryptocurrencies are picking up the slack, with the sector showing no signs of slowing down here early in 2018.  In fact just three days into the new year, the global market cap of all cryptocurrencies combined crossed over the $700 billion mark, leaving the milestone of a $1 trillion market value in the sector just over the horizon.

The overall value of the global cryptocurrency market surpassed $700 billion on Wednesday to reach a fresh all-time high. 
According to data provider Coin Market Cap, the market capitalisation of all combined cryptocurrencies in circulation is now $707 billion, as of around 8.45 a.m. GMT (3.45 a.m. ET) on Wednesday. The market has since dipped and is worth $683 billion at 10.55 a.m. GMT (5.55 a.m. ET) but the record high reached earlier in the day remains significant. 
Mati Greenspan, an analyst at eToro, wrote in his daily crypto roundup on Wednesday: "There's a distinct buying sentiment among cryptotraders today. The pre-Christmas sell off seems to be well behind us now. Though Bitcoin is still a bit off her all-time highs some of the alts are generating some serious momentum." – Business Insider

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