Cryptocurrency Market Cap Soars to All-Time High Near $28 Billion

A bullish 2017 for bitcoin and other cryptocurrencies has helped spur the overall cryptocurrency market cap through a series of highs this year, to nearly scale $28 billion over the weekend.

On Sunday, April 2, the collective market cap from Bitcoin and other cryptocurrencies (alt coins) reached an all-time high of $27.9 billion. In the lead-up to that figure, combined cryptocurrency trading volumes exceeded $860 million in a 24-hour period. The swell has been helped by strong showing from a number of cryptocurrencies including Litecoin and Ripple, both of which have witnessed tremendous gains over the past week. Litecoin prices have doubled in a 5-day period, while Ripple prices soared to a 2 year high, scaling beyond $800 million in total market capitalization. A record-setting March for Ethereum also helped the combined altcoin market to push beyond $10 billion for the first time ever over the weekend.

While bitcoin remains the undisputed king in its dominance of the overall market, its overall influence has dropped to all-time lows after marked gains from altcoins.

Bitcoin’s overall share of the total cryptocurrency market cap slipped under 65% for the first time ever on Sunday. Uncertainties from the ongoing scalability debate have resulted in bitcoin dropping below $1,000 after mid-March but a recent strong showing has pushed bitcoin back above $1,100 as the market appears to cement the milestone as the new support.

Altogether, the value of the combined cryptocurrency market has gained nearly 350% compared to this time a month ago, underlining the remarkable rise in adopters’ and investors’ interest in cryptocurrencies.

Featured image from Shutterstock. Charts from CoinMarketCap.

This post was last modified on (Eastern Time): 04/04/2017 20:23

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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