Cryptocurrency trading soared to a record high on June 6, 2017, when the combined market capitalization breached the $100 billion mark. With spikes recorded throughout the year, the market cap had surged past even the most bullish projections.
At $100 billion, the cryptocurrency market cap had almost reached that of massive companies like Boeing.
Bitcoin Leads the Race
The BTC / USD and BTC / EUR rates rose threefold in the first five months of the year, lifting the price of other cryptocurrencies along with them. Bitcoin comprises of almost 50% of the total worldwide cryptocurrency market.
On June 6, Bitcoin had a market cap of about $74 billion, higher than that of major corporations like Morgan Stanley, Ford, Netflix and Qualcomm. In fact, Bitcoin had traded better than gold and the stocks of popular companies like Apple, Google and Tesla, said an article on the official NASDAQ site. The article went on to say that, at this size, Bitcoin’s market value exceeded 60% of the components of the S&P 500! This is almost unfathomable, right?
For the naysayers who doubted the sustainability and growth of Bitcoin, here’s a piece of information. In 2017, Bitcoin trading has been much better than the world’s largest payment processors, including PayPal, Visa, Mastercard, American Express and Capital One.
An Isolated Event?
Of course, the surge in BTC / USD and BTC / EUR rates gave way to speculations of a sharp decline. Initially, the rise in prices had been attributed to Asian countries. However, data showed that the growth had been worldwide. Analysts indicated that the rise in demand for cryptocurrencies had been driven by their deflationary characteristic.
The cryptocurrency market growth and rise in BTC / USD and BTC / EUR rates have continued in August. On August 7, the market value was just shy of hitting $117 billion. By August 11, the market cap had surged to $126 billion, with no signs of relenting.