With so many economic and geo-political events causing confidence in local currencies to falter, overnight buying of Bitcoin and other cryptocurrencies out of Asia have skyrocketed the entire industry to achieve a milestone market cap of over $100 billion.
Bitcoin and Etherium are of course still leading the way as the father of all cryptos achieved a new all-time high (excluding local markets with high premiums) of over $2900 per coin. And at this price, Bitcoin has risen over 200% since just the beginning of 2017.
Bitcoin approaches a new all-time high (ATH) in price and market cap as we re-enter a mode of price discovery. All of this occurs in the settling of an unresolved block size and scalability debate set to be disrupted with the UASF on August 1. Cryptocurrencies, as a whole, now hold over $100 billion in market cap for the first time. While bitcoin (BTC) leads the pack at just over $46.6 billion, or 47.9 percent of all cryptocurrencies, the recent surge in these other coins has helped to push the total cap over the top. – Bitcoin Magazine
In relation to other global markets, the market cap of cryptocurrencies is still relatively low when you compare them to several other markets, including a few of the major currencies traded in the Forex markets.
Gold: – $7,809,188,577,120
Forex: (Daily trading) – $5,300,000,000,000
S&P 500 – $20,000,000,000,000
Source: The Daily Economist