Cryptocurrency enthusiasts all over the world are keeping a close eye on the way things are evolving as of late. The world of Bitcoin and other currencies is nothing short of amazing right now. At this rate of growth, the entire cryptocurrency market cap will surpass US$100bn in the coming days or weeks. That is absolutely unprecedented, and perhaps only a sign of things to come.
Interest in Cryptocurrency Continues To Grow
Everyone is well aware of how Bitcoin and other currencies have seen their share of ups and downs. It would be rather strange to see things go up all the time, as that would ultimately result in a massive cryptocurrency bubble. Sometimes, a good correction will pave the way for future value gains, which is exactly what the cryptocurrency world is showcasing right now. As a result, we are getting very close to the illustrious US$100bn market cap.
To put this into perspective, the cryptocurrency market cap has never been worth US$100bn to date. To some people, that may come as a surprise, given the thousands of coins, assets, and tokens in circulation right now. The blatant truth is how the vast majority of cryptocurrencies have been considered to be worthless for quite some time now. Even though a lot of coins still don’t have any major value, the ones that actually offer something interesting are finally getting some positive attention.
Bitcoin is still the dominant cryptocurrency in terms of market cap, with US$42.1bn. It is quite interesting to note the ENTIRE cryptocurrency market cap was worth less than that just a few short months ago. Ethereum is not too far behind, with a US$22.5bn market cap at the time of writing. The top five is completed by Ripple – with their XRP asset – as well as New Economy Movement and Ethereum Classic. Litecoin is very close to ETC, and their market cap positions switch quite regularly in favor of one or the other.
Despite Bitcoin still being the “top dog”, the Bitcoin Dominance Index is changing in favor of alternative solutions. Bitcoin represents 44.5% of the entire cryptocurrency market cap, a number that seems to drop lower and lower every single week. That is a good thing, though, as it shows a lot of investors are diversifying their portfolio. There are many baskets to put eggs in, even though Bitcoin is often considered to be the safer investments compared to alternative options.
All of this results in the cryptocurrency market cap being a hair away from US$95bn. For an industry which has only been around nine years, that is quite amazing. It also goes to show all of the negative media attention has done nothing to discredit Bitcoin and other cryptocurrencies in the slightest. Albeit there is no mainstream adoption to speak of right now, things are slowly evolving in a rather interesting direction. It will be intriguing to see how things evolve next.
Once the cryptocurrency market cap surpasses US$100bn, all bets are off. We have seen a lot of money flowing into cryptocurrency over the past seven to eight weeks. This rate of growth is simply unprecedented, and there is no point in trying to predict the future. It is certainly possible this is only a glimpse of what the future may hold for cryptocurrency as a whole. The bigger question is which coins will surprise us next, as we have seen some spectacular value changes over the past few weeks already.
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