Categories: CryptoNews

Cryptocurrency Market Cap Reaches $77bn, Surpasses Uber and Airbnb

The cryptocurrency sector has seen massive gains in the past few weeks. Almost every single altcoin has increased in value in one way or another this month. According to coinmarketcap, the overall market cap surpassed $77 billion. To put that in perspective, crypto is valued more than some of the world’s most successful startups such as Uber and Airbnb.

It seems that cryptocurrency is becoming the next hot topic among investors and technology enthusiasts alike. With the price premium rising as high as 5-10% in Asian countries, it is evident the demand is there. While it was just Bitcoin that was exhibiting an amazing price rally, soon after the alts joined in.

Cryptocurrencies such as Ripple, New Economy Movement, Litecoin, Ethereum, Digibytes, and Bytecoin are just some of the few coins that doubled in price or more in recent weeks. What is causing this insane buy volume?

While Japan’s adoption is an obvious influence, there are other factors in play. For example, Ripple’s team recently announced the lock up of a massive amount of coins for a number of years, effectively instilling confidence in traders. Litecoin has successfully activated SegWit, gaining the confidence of many traders supporting this software. Ethereum has secured some huge clients such as Toyota, Deloitte, and much more which caused the price to explode and touch nearly $200 per coin

Related Post
.

The fact that multibillion dollar companies are working with the cryptocurrency sector just adds to the ecosystem’s reputation and proves it has value. Combine that with the recent political turmoils around the world, and crypto seems like a no-brainer.

Furthermore, it is much easier for the average Joe to invest in crypto and give it a try. Unlike Uber and Airbnb where one has to go through a tedious process to purchase stock, one can sign up on a bitcoin exchange and buy a fraction of a coin in a matter of hours. This low barrier of entry is partly responsible for the meteoric rise in the market cap, which is currently at a whopping $77 billion.

That number may not mean like anything, but when you compare it to Uber’s $68 billion valuation, or Airbnb’s $30 billion market cap you see that cryptocurrency is becoming a significant technology. One can no longer dismiss it as “magical internet money,” as when you start digging you realize there is real value hidden in the software.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

6 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago