The total cryptocurrency market cap has achieved another historic milestone. Buttressed by a record-setting bitcoin price rally, the total crypto market cap has crossed the $300 billion threshold for the first time — making the combined capitalization of all cryptocurrencies more valuable than Bank of America.
In the past week alone, the total cryptocurrency market cap has grown by more than $60 billion — a number the crypto market cap reached for the first time on May 17. It has only been six months since that achievement, but the crypto market cap has already increased fivefold, bringing it to a new all-time high of $305.1 billion on Monday morning.
The crypto market cap surpassed Visa’s total valuation on Friday, and on Sunday morning it raced past both Wells Fargo and Bank of America — two banks that received government bailouts during that same financial crisis referenced by Satoshi in the Bitcoin genesis block.
The crypto market cap surge came on the heels of an unprecedented bitcoin price rally that saw the value of the flagship cryptocurrency increase by $1,000 in less than two days. In the past week, the bitcoin price has risen by 20 percent, and — despite a $500 dip this morning — continues to challenge the $10,000 mark. At present, the bitcoin price is trading at a global average of $9,628, which translates into a $160.8 billion market cap.
The bitcoin price has been in an uptrend for the vast majority of the year, but it is likely that the pace has quickened due to the impending launch of bitcoin futures contracts on U.S. derivatives exchange CME. The exchange operator has previewed that this product will be available in early December, and traders appear to be pricing in the event before it arrives. It remains to be seen what effect the official listing of futures contracts will have on the bitcoin markets.
Though the bitcoin price is consuming most of the headlines, the ethereum price has been setting records of its own. This morning, the ethereum price rose to a new all-time high of $493, although it has not yet been able to crack the $500 barrier. At present, ethereum is trading at $476, which represents a 24-hour increase of three percent and translates into a $45.7 billion market cap.
The altcoin markets have more or less caught bitcoin’s tailwind, enabling many other cryptocurrencies to reach historic milestones of their own.
The bitcoin cash price rose three percent to $1,639, increasing its market cap to $27.6 billion. The ripple price, however, traded sideways, preventing its valuation from breaking through $10 billion. CoinMarketCap has added bitcoin gold to its index, and the coin debuted in the fifth position with a total capitalization of $6.1 billion.
The addition of bitcoin gold to the index forced litecoin down to sixth, despite the fact that its price has now risen to just under $90. The dash price posted a rare pullback following an extended rally, while the NEO price has set the $40 mark in its sights. IOTA clawed it’s way back into the top 10 with a 17 percent surge, and monero rounded out the top tier with a minor decline to $161.
Nevertheless, there is one more market achievement worthy of note. On Monday, the total number of “crypto unicorns” — coins or tokens that have market caps exceeding $1 billion — rose to a new all-time high of 15. Additionally, there are five more cryptocurrencies with valuations above $800 million, meaning that the billion-dollar club could be about to get significantly less exclusive.
Featured image from Shutterstock.
Last modified: March 4, 2021 5:02 PM